A Nottingham financial services company has said it is "extremely disappointed" in the conduct of a trust which has entered administration. The Nottingham, which provides financial planning, mortgages and home insurance among other services, says it is committed to identifying any of its members affected with unresolved issues as a result of the decision by the Philips Trust Corporation [PTC].
PTC, which offered estate planning services to families, has now gone into administration. The firm had taken over customers of Estate Planning Group, which comprised of The Will Writing Company - a former partner of The Nottingham Building Society - and Family Trust Corporation, the Daily Mail reports.
The Nottingham [building society] says it took "immediate action" when its partner The Will Writing Company went into administration four years ago and says it has been working with those affected since this occurred. It added it has no direct relationship with PTC or its administrators and is disappointed in the lack of resolutions for those who were impacted by its collapse.
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A spokesperson for The Nottingham said: “Our immediate concern is identifying if any of our members have unresolved issues in relation to this latest development and ensure they are being supported by us as best we can. The Nottingham not only took immediate action back in 2018 when our partner, The Will Writing Company, went into administration, but have assisted with various circumstances up to this point, including covering costs of releasing documents and supporting members going through the SRA compensation process.
"We are extremely disappointed in the lack of resolutions for those impacted and for the conduct of The Phillips Trust and recognise this new development is distressing for those impacted. As we have no direct relationship with the Trust or its administrators, we are limited in direct support options at this stage but will endeavour to be here for our members who need us.”
It comes amid reports that some elderly homeowners are being sold complicated financial products, with the promise that it could help reserve their wealth for future generations and protect their assets from care home fees and inheritance tax - with experts warning these may leave them with large legal bills should something go wrong.
The Nottingham has denied reports that a dedicated helpline has been set-up specifically to help worried families experiencing difficulties.
The Philips Trust Corporation said in a statement: "The director of the Company took this decision, having regard to the Company’s present and likely future financial position, in order to protect the interests of its creditors and clients. The application to Court was made because, in the circumstances, the Administrators required certain powers and permissions to enable them to carry out their functions, which required the Court’s consideration and approval."
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