Top building societies face losing millions of pounds from refunding victims of an investment scandal after two more firms involved in the matter collapsed into administration.
Ten 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 subsequently became mired in financial complications.
If I’m frank, I’m not sure there will be a great deal of recoveries coming back,” he said. The prospects for recoveries has now been further affected by the collapses of CX Wealth and Float Capital, two connected companies which were handed more than £27m of the savings involved. They were both unregulated providers of business loans.
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