The Keydata saga was further complicated this week as a row broke out between Norwich & Peterborough and the FOS over the sales of Keydata plans through the building society.
FOS' preliminary ruling states flaws in the building society's advice exposed an elderly couple's capital to "an inappropriate level of risk" and it ordered N&P to pay £28,000 compensation. However, N&P CEO Matthew Bullock hit back, defending his advisers' analysis of Lifemark as "a very stable product". The building society intends to appeal the FOS ruling and hopes the FSA and Financial Services Compensation Scheme (FSCS) will take over the claim as part of its "wider implications" mandate for cases where many parties are similarly affected. N&P should not expect thanks from inve...
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