Keydata

Norwich & Peterborough (N&P) building society has set aside a massive £57m to cover the cost of compensating customers its IFAs invested in failed investment firm Keydata.

AIFA is calling on the FSCS to consult with the industry on exactly how it will rebate levypayers with money repaid to it by Norwich & Peterborough (N&P).

The FSCS has pledged to use the money it receives from the £57m Keydata compensation deal it struck with N&P to partly refund advisers' levies.

Norwich & Peterborough (N&P) has agreed to pay compensation directly to all customers it sold Keydata products totalling £57m, exceeding the building society's previous outside estimates for the bill.

Yorkshire Building Society is in advanced talks to acquire Keydata-claims hit Norwich & Peterborough (N&P) building society, according to reports.

Keydata victims awaiting compensation have become the latest targets of bogus callers who claim to be from the FSCS.

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Some of the biggest names in financial services, including Cazenove CEO Andrew Ross and Peter Hargreaves, are calling for a "full and independent" inquiry into the collapse of Keydata to ensure similar failures are avoided in the future.

The chief executive of the FSA has moved to reassure adviser firms the worst Keydata offenders will face further regulatory action, including being fined.

The Investment Management Association (IMA) has confirmed it is leading efforts to shore up troubled Keydata-backer Lifemark, as part of a bid to recoup the fund management sector's £233m FSCS bill.