Advisers could be hit with a further compensation bill for Keydata as the FSCS says it has not ruled out another levy linked to the failed investment firm.
The FSCS has recouped £28m from Norwich & Peterborough (N&P) after the building society admitted it mis-sold investors Keydata products, putting levy payers in line for a rebate.
The FSA has fined N&P £1.4m for giving unsuitable advice on Keydata products, on top of the £51m it must pay out in compensation.
Troubled building society Norwich and Peterborough (N&P) has agreed the terms of a proposed merger with Yorkshire Building Society.
Structured products represent a third way for investors who have previously considered themselves restricted to either ETFs or full active management, according to the head of UK retail structured product sales at Citi.
So how did N&P's advisers take the company from a safe-as-houses building society to the centre of one of the biggest mis-selling scandals of the decade?
SIPPs have lost 'millions of pounds' as a result of the collapse of Keydata, providers say, as the scale of the deficits slowly come to light.
Norwich & Peterborough (N&P) has pledged to "pursue the value" in Lifemark bonds when it swaps compensation for investors' rights and becomes one of the largest individual investors in the fund.
Clients due FSCS compensation after investing in Keydata via their SIPP should beware unforeseen tax charges when they receive payment, providers warn.
Norwich & Peterborough (N&P) has had its financial strength rating downgraded by Moody's, a week after the building society revealed it faces a £57m Keydata compensation bill.