N&P fined £1.4m for Keydata advice

N&P will make available ex gratia payments to all customers to ensure they do not lose out as a result of their investment. During a period of over three years N&P advised 3,200 clients to invest in Keydata's life settlement products backed by Lifemark. But the FSA found N&P failed to assess the financial circumstances of many of its customers properly, designating them as having a higher tolerance of risk than was appropriate, which led to unsuitable sales. Some customers were moved out of low risk products such as deposit accounts into Keydata investments, putting their income an...