Three top building societies are to pay tens of millions to customers who fell victim to an investment scandal which cost them life savings and put their homes at risk.
Leeds, Nottingham and Newcastle Building Societies have jointly announced they will be providing major voluntary financial support to victims of the Philips Trust scandal – a company which collapsed in 2022 while holding £138m of 2,300 building society customers’ assets including properties in trust and £44m worth of invested savings.
Richard Fearon, chief executive of the Leeds Building Society, told The Yorkshire Post: “Customers have suffered horribly as a result of what Philips Trust has done and some of their behaviour was shameful. 'This is a strong financial offer. We have not had any influence over PTC and there is no legal or regulatory obligation to do this, it is voluntary. 'We’ve been working really hard over a protracted period to get to this point.
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