Norwich & Peterborough admits it could take £50m hit from Keydata - Citywire

Norwich & Peterborough admits it could take £50m hit from Keydata - Citywire

Every regulated firm MUST be able to quantify the risk posed to their capital adequacy, guessing is not acceptable, if we assume that ALL N&P customers should be automatically reinstated then that is £50 million plus intererest, most of which will be covered by professional indemnity insurance. As far as the risk assessment of the Keydata product is concerned the risk is unquantifiable and so the fact is that it was indeed a 100% risk of loss (that is how consumers see it) unless someone can prove it wasn't. Mr Bullock has in fact allowed claims handlers the opportunity to assist customers in losing 10% or more of their money through prevarication. N&P members should ask whether their management is up to the job. However, their PI insurers would not be happy if they admitted liability so I would be willing to provide them with an opinion on the suitability (or otherwise) of their advice to present to said insurers.