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Norwich and Peterborough customers celebrate Keydata fine Carol Scholes, from Walsoken, near Wisbech, invested 260,000 in Keydata on the advice of the Norwich Peterborough building society.
The 66 year old businesswoman made the investment about 80pc of her assets which should have provided 90pc of her retirement income in 2006 using the proceeds of the sale of a grocery store which she had built up over 15 years. She added: "The whole affair has caused me a huge amount of worry and anxiety. I wish I had never heard of the N and I louis vuitton bags not leather wish I had never sold my nice little business. "This money wasn't to provide for an extravagant lifestyle it was there to provide me with the kind louis vuitton artsy gm azur of comfortable retirement that everybody louis vuitton alma fuchsia hopes for. "The Keydata ordeal has corrupted many areas of my life. I haven't been able to provide any financial support to my son who has just had his first baby and I even have to question whether I can afford the train fare to visit him in London. "I was a totally unsophisticated investor and I specifically asked for an investment which involved no risk or low risk. Had the risk associated with Keydata been communicated to me, I would not have gone near it." Richard and Angela Park, from Sheringham, invested tens of thousands of pounds in Keydata plans after retiring and downsizing their home 2 years ago. Mr Park told the EDP: "Three months before Keydata's collapse, an N advisor contacted us trying to sell us more Keydata products. We now know that the N was aware of concerns about Keydata at that point but they were still determined to push the products. "This is the acknowledgement we have all been campaigning for. It is very satisfying to know that somebody has finally accepted our argument that the N was guilty of mis selling. "Hopefully we will be repaid our money soon and we can put all of this behind us." fund are celebrating victory after the building society was fined 1.4m for mis selling. Over a three year period N financial advisors sold louis vuitton bracelet replica 3,200 clients life settlement products which were thrown into doubt when Keydata was forced into administration. Despite accusations that it mis sold products by failing to warn customers of the risks involved, building society bosses denied any wrong doing. But yesterday the FSA delivered a damning verdict, saying the N had continued to sell Keydata products despite concerns expressed by its own compliance team. Tony Hall, from Downham Market, is a founder of the N Victims Group. He said: "This is a victory for us all. We have said all along that we were mis sold products and this vindicates that argument. Now all we need is the money back in the bank and we can put this sorry affair behind us." The N has already announced it will refund all of those involved amounting to 51 million in total. It also made interest free loans to tide over those caught up in the collapse. Tracey McDermott, FSA acting director of enforcement and financial crime, said: "N failed in its basic duty to provide suitable advice to its customers, despite an internal compliance report pointing out that there were problems as early as 2007. "Firms cannot treat customers fairly unless they pay attention to their financial circumstances and attitude to risk when they make recommendations." The judgement states that the N failed to properly assess the financial circumstances of many of its customers, designating them as having a higher tolerance of risk than was appropriate. Some customers were moved out of low risk products such as deposit accounts into Keydata investments, putting their income and capital at risk.
The N has also agreed to commission an independent review of sales of other financial products and will pay redress where appropriate. N chairman Gordon Horsfield said: "The society is committed to its members and has been deeply concerned for those customers who bought these products and who lost out following Keydata's administration in 2009.".
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