Angry Keydata investors descended on Peterborough last night to vent their frustration at Norwich & Peterborough Building Society’s board over the way it handled the Keydata crisis.
N&P held its annual general meeting last night in the wake of being fined £1.4m by the FSA and announcing £51m in compensation for customers who were mis-sold Keydata products.
Around 100 members of the society attended the AGM, and 240 people attended in total.
Many of the members were angry at the length of time the Keydata issue was taking to resolve.
Letters are currently being sent to customers detailing the calculations on which their compensation will be based.
Customers who have already received a payment from the Financial Services Compensation Scheme will receive a cheque with their letter, relating to any interest payable and any further monies owed.
Reading a prepared statement, N&P member Tony Hunt said: “I am speaking for people who could not make it here today – people who are aged, infirm, sick, and well into their seventies and eighties.
“The FSA said that N&P failed in its duty to provide suitable advice. Driven by commission you advised people to withdraw from safe accounts into what became known as death bonds. It was totally immoral.”
Another member, Derek Wright, said: “Can I appeal to the board to keep us onside and make us an offer that is both fair and generous, rather than leave us with these hateful feelings towards N&P?”
N&P finance and risk director Jeff Pritchard said: “I would like to offer an apology to all the members of the society, and those who invested in Keydata. It is a genuine apology not just from me, but from the board, and everyone who works for the society.
“Keydata was a significant event, and the FSA’s reaction and fine was a significant event. The board of N&P recognises the importance of that action and we have worked alongside the FSA throughout their investigation to resolve this issue.”
Members are due to vote in August about a proposed merger of N&P with Yorkshire Building Society.