Elderly building society members' life savings were put at risk
Elderly building society members' homes and life savings were put at risk after being "duped" into signing up for a scandalous trust scheme, furious customers and their relatives have claimed. Nottingham Building Society has been blasted for encouraging older customers to set up trusts for their homes and investments, which ultimately left homeowners and their relatives fighting long battles and paying thousands of pounds simply to get their own house back.
Ms Wood was asked to look through the trust arrangements in 2019, when her mother got a letter requesting she move from the Family Trust to the Philips Trust. After scouring through the documents, Ms Wood realised the risk the unregulated trust posed to her parents' home. Nottingham Building Society said it had no relationship with the Philips Trust. The Financial Conduct Authority is currently leading the main investigation.
Roger Hall, 73, who had banked with Nottingham Building Society's Dinnington branch near Worksop, was approached about setting up a trust for his assets in late 2015 - which he was told would shield him from elderly care costs and inheritance tax. "I didn't have any direct descendants anyway - so even if it hadn't gone wrong and caused this trouble it wasn't suitable for me," Mr Hall said, before questioning if the building society had done enough due diligence.
"We were deceived by their staff and good, honest people and loyal customers were targeted because they were elderly. I've worked all my life, saved up and invested and that is all at risk as I have assets still pending as the company is liquidated."
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