The Nottingham has said it will soon provide 'meaningful financial support' to some of its members
Nottingham Building Society customers left heartbroken by an unregulated trust programme that put their homes and life savings at risk will receive significant payments from the mutual. The Nottingham has said it will soon provide "meaningful financial support" to some of its members after they were referred to a trust scheme which ultimately put their homes and investments in danger.
After writing to trust holders, telling them to switch over, the Philips Trust Corporation itself went into administration in 2022. Ever since, customers and their relatives have blamed the building society for initially introducing older members to the Family Trust Corporation, with some "duped" families forced to fight to take back legal ownership of their own homes after its buyer went bust.
"We have been working hard for some months now to better understand the situation and how we can support our members. We’d like to thank members who have shared their stories with us and helped us work through this complex issue. We can confirm that we will be providing impacted members with meaningful financial support, and will be in a position to confirm details of this shortly.
Philips Trust Action Group , a collective of customers who were advised to set up the doomed trusts and their relatives, welcomed the confirmation of financial support but encouraged the Nottingham Building Society to further engage with members over the arrangement.
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