N&P delay on 400 Keydata complaints

3 March 2011 | By Natalie Holt

Regulatory Legal says Norwich & Peterborough Building Society has failed to address a single complaint out of the 400 it has lodged on behalf of Keydata investors.

The law firm has sent 400 individual letters to N&P on behalf of each complainant, relating to almost 1,000 Keydata sales. The society is responding with holding letters, reissued on a monthly basis, which state that N&P is yet to conclude its discussions with the FSA on how to best to resolve Keydata complaints.

One letter, seen by Money Marketing, says: “While we recognise that the continued delays in our being able to determine your complaint are frustrating, we still consider that it is important to resolve these discussions before we can properly and fairly determine your complaint.”

N&P also tells customers of the right to refer their case to the Financial Ombudsman Service.

Regulatory Legal director Gareth Fatchett says other firms have responded within the eight-week period, detailing whether the complaint has been upheld or rejected.

He says: “Our clients are predominantly elderly people who relied on and trusted N&P to treat them fairly. When things go wrong, they expect the courtesy of N&P dealing with their complaint, not just fobbing them off.”

A spokeswoman for N&P says: “We keep our customers advised of where we are at with their complaints. Until we conclude our discussions with the FSA, while we are sorry that our customers are being kept waiting, the situation is out of our hands.”

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