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Norwich and Peterborough building society in the headlines

The Norwich and Peterborough building society is today facing potential legal claims on behalf of a number of customers who allege that they were mis-sold bonds provided by Keydata Investment Services. This is a company which collapsed in June 2009 and is under investigation by the Serious Fraud Office. A number of customers believe they were mis-sold various bonds associated with the company and look set to take their action to court.

At this point in time there is some confusion as to whether investors will receive any payment from the collapsed company and indeed whether the investments were covered by the Financial Services Authority. A legal firm acting on behalf of various customers alleges it has put together a dossier of mis-selling claims from between 2006 and 2009 which will be sent to the Financial Services Authority.

Only last month the Norwich and Peterborough building society was ordered to pay an elderly couple £28,000 in compensation after a ruling that advice given regarding Keydata bond investments was in fact too risky for their particular circumstances. While the building society is currently appealing against this ruling it is obviously a concern that the initial ruling was in favour of investors.

It will be interesting to see how this particular issue progresses in the short to medium term and indeed whether any compensation from the Norwich and Peterborough building society will be forthcoming.

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