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Lifesavings left in limbo

PUBLISHED: 09:47 18 May 2010 | UPDATED: 17:48 30 June 2010

East Anglian pensioners who may have lost their life savings following the collapse of an investment firm have demanded more clarity over a possible compensation deal.

East Anglian pensioners who may have lost their life savings following the collapse of an investment firm have demanded more clarity over a possible compensation deal.

At least 3,500 Norwich and Peterborough (N&P) customers have savings invested in Keydata Investments Services, which was forced into administration last year. Keydata is now being investigated by the serious fraud office.

An investigation has identified at least 200 people from Norfolk and Suffolk who had invested sums ranging from £10,000 to more than £100,000 on the advice of N&P financial advisors. There are thought to be hundreds more in the region.

The Financial Services Compensation Scheme (FSCS) - the supposed safety net for investors if regulated businesses fail - has said it may not pay compensation to many savers who put money into Keydata plans. Meanwhile, a spokesman for N&P said the building society was doing everything possible to broker a solution, but was not directly responsible for claims.

Many have been left with nothing but their state pension, despite years of saving. Customers said they had repeatedly hit brick walls in their requests for help. They added that there was no clarity about what they are entitled to and when they could expect answers on the future of their savings.


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