Norwich & Peterborough Building Society has confirmed it is to cease offering structured products to its customers.

What Investment.co.uk has learnt that the mutual society, which currently distributes products for Legal & General, Morgan Stanley, Barclays and Scottish Widows, will no longer have a structured products presence in five weeks time.

Alison Rolls, head of communications for Norwich & Peterborough Building Society, said all products coming to the end of their offer period will not be replaced.

She explained, ‘We are no longer going to be offering structured products. We have had a look at how they are going to be performing, looking forward from today and we are looking for products with longer-term growth and more diversification than structured products currently offer.

‘Over the next five weeks, all of the ones we are currently offering cease. At this moment in time, we are not going to be replacing them with any others.’

Speaking on today’s decision, Rolls said that the products previously sold by the society had been popular and the performance to date has been good.

She added, ‘We apologise if this is going to create any inconvenience to customers. They can still obtain these products direct from the product providers.’

The news comes just weeks after Norwich & Peterborough confirmed it would offer victims of Keydata interest free loans until the end of the year after the Society recommended these products to its members.