FCA didn't speak directly to Philips Trust victims before 'astounding' non-investigation decision

Several major building societies including Leeds, Nottingham and Newcastle introduced hundreds of customers to unregulated advisers who sold them family trusts linked to properties and investment schemes for their savings which have since become mired in financial complications. The assets – including £44m worth of invested savings – ultimately ended up in the hands of a firm called Philips Trust Corporation , which collapsed into administration in 2022.

'The FCA have spoken to the building societies, administrators, the Financial Ombudsman Service and external parties but have not entered into any dialogue with one single victim to hear their evidence, despite repeated requests.' A spokesperson for the FCA said: “We have considered this matter as fully as we can, considering a significant amount of information, including documents and testimony provided by affected consumers.

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Source: FT - 🏆 113. / 51 Read more »