FSCS claws back £28m from N&P

This month the FSA fined N&P £1.4m for mis-selling Keydata investments, and the building society will have to payout approximately £51m in redress to customers. The £28m is for compensation the FSCS paid to N&P Keydata customers while the building society continued to deny responsibility for giving investors unsuitable advice. FSCS chief executive Mark Neale, said levy payers - who this year shelled out £326m in an interim bill mainly related to the cost of Keydata products - will benefit from the recovery. "This is a positive development for both consumers and our levy payers. It ...