Law firm to act for N&P Keydata investors
A LAW firm representing hundreds of Norwich & Peterborough Building Society customers who lost money in collapsed firm Keydata Investment Services is to submit a dossier on mis-selling claims to the Financial Services Authority.
Birmingham-based Regulatory Legal is currently representing 247 of the mutual’s customers and says it expects a further 250 people to join the action.
The firm believes advisers at Norwich & Peterborough (N&P) failed to warn customers about the risk of investing in the Keydata bonds and also wrongly advised them to invest too high a proportion of their assets with the company.
N&P has sold Keydata bonds to 3,100 of its customers. Keydata was put into administration in June last year and is being investigated by the Serious Fraud Office.
It is currently unclear how much of their money investors will get back and whether they will all receive compensation from the Financial Services Compensation Scheme.
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The Financial Ombudsman Service ruled last month that N&P should pay an elderly couple �28,000 in compensation after advising them to take out policies with Keydata, which it said were too risky for their circumstances.
The ruling was a preliminary one and N&P is appealing against it, claiming the policies were not as risky as the FOS has suggested.
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Regulatory Legal is representing people on a no-win, no fee basis, but it will keep 10% of any compensation they receive.
N&P said it had not yet received any information on the claims from Regulatory Legal.
But it said it had always said any customers who thought they had been mis-sold a policy should complain to it, adding that the process was free and people did not need to pay a third party firm to handle their complaint.