As outlined at our AGM, we are pleased to confirm to members who have experienced losses as a result of the actions and administration of the Philips Trust Corporation that we will be providing meaningful financial support.
We have been deeply saddened and frustrated to hear of the financial loss and significant distress some members have experienced.
Whilst the Society doesn’t have any legal or regulatory responsibility to do so, we believe it is the right thing to do to help those impacted on a voluntary basis.
We have been working hard for some months now to better understand the situation and how we can support our members.
This has involved speaking directly to those members affected and working closely with the administrators Kroll.
Whilst Nottingham Building Society never had any relationship with the Philips Trust Corporation, we want to support those members whose assets ended up with them.
The Board has therefore committed to provide meaningful financial support on a voluntary basis. As a mutual building society, we want to help members affected by this as much as we can, whilst balancing the needs of our wider membership. We believe all members would want us to take this approach.
We are very aware that this issue and the ongoing uncertainty around it continues to cause great concern for those members affected and their families.
Sadly, this is a very complicated situation that has unravelled over a number of years and even basic information such as members impacted does not sit in our hands. This all means the process is taking longer than we would like. We would like to reassure members that we are working as quickly as possible.
We will be making an announcement imminently which will outline the details of our financial support and what it means for impacted members personally. In the meantime, we’d like to thank members who have shared their stories with us and supported our enquiries as we’ve moved through this complex issue.
In the meantime, if you are a member and have a question about this issue please contact trustcustomers@thenottingham.com. For media enquiries please contact: lesley.mcpherson@thenottingham.com.
From 2011 to 2018, Nottingham Building Society had an arrangement in place whereby members were referred to The Will Writing Company (“TWWC”) for advice with will writing and estate planning. TWWC was not required to be regulated though it chose to become regulated by the Solicitors’ Regulation Authority from 2016 onwards. Some members set up trusts and transferred funds into those trusts administered by the Family Trust Corporation Limited. Those funds were placed in high-quality investments, supported by independent financial advice. In 2018, The Will Writing Company went into administration at which point NBS ceased making any member referrals.
Subsequently, a separate company, Philips Trust Corporation (“PTC”), contacted these customers to change their trust arrangements. This resulted in some members transferring their investments and trust assets to PTC. The investments were moved into very different investments than their original high-quality investments.
PTC went into administration in April 2022. Since then, it has become evident that some members have incurred losses as a result. Others have incurred considerable costs and inconvenience as they have sought to regain control of properties held in trust by PTC.