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Ombudsman rejects Norwich & Peterboro’ Keydata appeal

Norwich & Peterborough Building Society insists it is not in any financial danger after the Financial Ombudsman Service issued its first final decision against the society on a Keydata complaint.

In August, a FOS adjudicator ruled against N&P on a Keydata Lifemark product, which was contested by N&P. An ombudsman has now found against the appeal and ordered N&P to pay £28,000. Money Marketing understands N&P has received over 630 Keydata complaints.

Customers can claim compensation through the Financial Services Compensation Scheme but some, particularly those with claims over the limit of £48,000, have complained to the FOS.

An N&P spokeswoman says: “We have looked at what the Keydata liabilities could be and we know we can meet those. We are very well capitalised, this does not put us in any danger.”

Last week, Money Marketing revealed N&P is sending mon- thly holding letters to Keydata complainants. The spokeswoman says: “Until we conclude our discussions with the FSA on how to handle Keydata complaints, the situation is out of our hands.”

Regulatory Legal is handling around 400 Keydata complaints. Director Gareth Fatchett says: “N&P needs to come out of the bunker and deal with the eld- erly customers they have finan- cially damaged.”


Base rate held at 0.5% and no more QE

The Bank of England’s Monetary Policy Committee has held base rate at 0.5 per cent for the twenty-fourth month in a row and has also held its quantitative easing programme at £200bn. The last time base rate moved was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent. […]

Stonehaven back in equity-release sales

Stonehaven has returned to the equity-release market after securing a new source of funding a year after it suspended new lending. In March 2010, the com- pany suspended new lending temporarily due to problems in securing funding. Stonehaven was one of several providers that decided to pull out of the market, including Prudential, Northern Rock, […]

House purchase lending down 26% in January

House purchase lending fell 26 per cent in January to £4.2bn from £5.7bn the month before, according to figures from the Council of Mortgage Lenders. The trade body says rising inflation, increasing pressure from tax measures and government spending, and extreme winter weather led to a lack of movement in the mortgage market. There were […]


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