N&P to pay Keydata victims £57m compensation

N&P says it will write to the around 3,100 customers it sold Keydata products inviting applications for ex gratia payments in return for transfer of the investor's rights in and relating to the investment. They will be compensated directly, without having to put their mis-selling cases to the Financial Ombudsman, a spokesperson says. However N&P has not publicly conceded it mis-sold Keydata investments. Investors will be repaid their initial capital plus interest calculated on a basis similar to that used by FOS, at 1% above the Bank of England base rate. Gareth Fatchett, partner a...