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September 14, 2010

Norwich & Peterborough faces mis-selling storm

by Gill Montia

Story link: Norwich & Peterborough faces mis-selling storm

Norwich & Peterborough Building Society (N&P) may have mis-sold investments that earned the mutual £3 million in commission.

According to a report in the Financial Mail, Birmingham law firm, Regulatory Legal, is representing 250 customers who invested in Keydata bonds between 2006 and 2009 and are dissatisfied with the advice they received.

N&P members are apparently claiming that they were unaware of the risks involved and the level of commission charged.

Keydata went bust in June 2009 and last week, administrators PricewaterhouseCoopers reported that the Financial Services Compensation Scheme (FSCS) has not yet reached a decision as to whether any losses suffered by investors are eligible for compensation under the scheme.

However, the FSCS says it hopes to reach a decision before the end of September 2010.

Regulatory Legal is operating on a no-win, no-fee basis but will claim 10% of any compensation secured for N&P customers.

 

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