{"id":381107,"date":"2011-04-18T10:53:16","date_gmt":"2011-04-18T10:53:16","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/18\/building-society-given-1-4m-fine\/"},"modified":"2011-04-18T10:53:16","modified_gmt":"2011-04-18T10:53:16","slug":"building-society-given-1-4m-fine","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/18\/building-society-given-1-4m-fine\/","title":{"rendered":"Building society given \u00a31.4m fine"},"content":{"rendered":"<p><div readability=\"47.5326460481\"><span><span>18 April 2011<\/span> <span>Last updated at<\/span> <span>06:53 ET<\/span><\/span><\/p>\n<p>The Norwich and Peterborough building society has been fined \u00a31.4m for mis-selling investments to 3,200 customers.<\/p>\n<p>The Financial Services Authority (FSA), which imposed the fine, said the society had failed to give them suitable advice.<\/p>\n<p>The N&#038;P sold high-risk policies provided by the now insolvent Keydata investment firm, which the FSA says were inappropriate.<\/p>\n<p>The society has already agreed to make compensation payments totalling \u00a351m.<\/p>\n<p>&#8220;N&#038;P 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,&#8221; said Tracey McDermott, the FSA&#8217;s acting enforcement director.<\/p>\n<p>&#8220;Firms cannot treat customers fairly unless they pay attention to their financial circumstances and attitude to risk when they make recommendations,&#8221; she added.<\/p>\n<\/div>\n<p>Continued here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-13116264\" title=\"Building society given \u00a31.4m fine\" rel=\"noopener noreferrer\">Building society given \u00a31.4m fine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 18 April 2011 Last updated at 06:53 ET The Norwich and Peterborough building society has been fined \u00a31.4m for mis-selling investments to 3,200 customers. The Financial Services Authority (FSA), which imposed the fine, said the society had failed to give them suitable advice<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381107","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Building society given \u00a31.4m fine - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/18\/building-society-given-1-4m-fine\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Building society given \u00a31.4m fine - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"18 April 2011 Last updated at 06:53 ET The Norwich and Peterborough building society has been fined \u00a31.4m for mis-selling investments to 3,200 customers. 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