Norwich & Peterborough (N&P) Building Society will no longer offer structured products to its customers after having its fingers burnt in the Keydata debacle.
The mutual society, which currently distributes products for Legal & General, Morgan Stanley, Barclays and Scottish Widows, will retreat from offering structured products in five weeks' time, according to reports. A spokesperson for N&P says all products coming to the end of their offer period will not be replaced. N&P says its decision to pull out of the structured product market is based on a strategy to seek longer-term growth offerings and more diversification than is available in that market. However the building society is still reeling from the reputational damage investo...
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