Norwich and Peterborough 1.4m Fine
Published / Last Updated on 21/04/2011
Norwich and Peterborough 1.4m Fine.
Norwich and Peterborough Building Society have been fined £1.4m by the FSA for failing to give customers suitable advice in relation to the sale of Keydata products.
To ensure all customers do not lose out as a result of their investment, N&P will make available ex gratia payments, totaling approximately £51m.
According to the FSA, N&P failed in its basic duty to provide suitable advice to its customers, despite an internal compliance report pointing out that there were problems as early as 2007.