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Norwich & Peterborough seeks court review of watchdog&#39s Tessa decision

Norwich & Peterborough Building Society is seeking a High Court review of the Building Societies Ombud-sman&#39s decision that it discriminated against a Tessa investor by paying higher interest on its mini cash Isas.

The ombudsman made the decision after a complaint that the society paid higher interest on the Isa than the Tessa between April 1999 and September 2000. It found in favour of the saver and recommended the society should pay compensation.

But the society believes there are strong grounds for a judicial review based on the banking code which governs the way building societies conduct their business.

Chief executive Matthew Bullock says: “We feel strongly that we have treated all our Tessa investors fairly. We have decided to seek a High Court review after lengthy correspondence with the ombudsman because we believe its decision to be wrong and unfair. Isas are different from and did not replace Tessas. If the court agrees with the ombudsman&#39s view, however, then as a matter of fairness we have decided we will pay compensation to all our qualifying Tessa investors, at a cost of £1.3m.”

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