Savings plight legal threat

The Norwich and Peterborough building society could face a multi-million pound group action from investors whose life-savings are caught up in the collapse of an investment company.

The Norwich and Peterborough building society could face a multi-million pound group action from investors whose life-savings are caught up in the collapse of an investment company.

Three thousand five hundred people invested in Keydata Investment Services savings plans on the advice of financial advisors at branches of the N&P across East Anglia. Keydata was forced into administration last year and is now being investigated by the Serious Fraud Office.

Yesterday, the Financial Services Compensation Scheme said it had begun paying out in thousands of cases. However, many more remain unresolved and customers fear they may lose life savings ranging from �5,000 to more than �100,000 pounds.

In some cases customers are entitled to their money back in full, but in others they are only currently eligible to have their tax liability refunded.


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The N&P refused to confirm the total value of funds invested through its advisers but it is thought to run in tens of millions.

A spokesman confirmed the building society had received 125 complaints from people who believe products, which were presented as low or medium risk, were mis-sold. Others have contacted the Financial Ombudsman.

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