Help and support

We are concerned by the difficult situation some of our customers are facing as a result of the actions of Philips Trust Corporation. Newcastle Building Society has never had a relationship with, nor at any point referred customers to, Philips Trust Corporation.

However, during part of the 2000s and 2010s we did refer customers to The Will Writing Company (which became part of the Estate Planning Group in 2012 alongside its sister company Family Trust Corporation) to help customers access products, including wills and Trusts, to meet their estate planning needs. We stopped doing so in November 2017 when The Will Writing Company closed to new business. It subsequently entered into administration in February 2018.

In April 2018, the assets and database of The Will Writing Company were purchased from the administrators by a third party, which was connected to Philips Trust Corporation. Philips Trust Corporation subsequently went into administration in April 2022.

We understand after Philips Trust Corporation went into administration, concerns have emerged over how it had operated the Trusts – including the fact that it had moved the underlying money from lower to higher risk investments.

We are currently engaging with the administrators, Kroll, to better understand the impact on those affected and their next steps. Once this information is available, we will be in a position to consider if we may be able to provide some support to affected customers on a voluntary basis. As a mutual building society, we have a responsibility to balance the interests of impacted customers with the best interests of our overall membership.

The Financial Conduct Authority has since commented in March 2024: “It was the actions of Philips Trust Corporation, not the building societies, which caused customers to experience investment losses. We can’t hold the building societies responsible for the actions of Philips Trust Corporation.”

If you have a question for the Philips Trust Administrators, contact them at PTC@kroll.com or through the post to PTC Case team, c/o Kroll Advisory Ltd, The Chancery, 58 Spring Gardens, Manchester, M2 1EW. The call centre can be reached on 0161 827 9000 between the hours of 9.00am - 5.00pm, Monday to Friday.

Please contact us via this web form if you have any questions.

Given the complexity of the situation we are unable to comment further at this stage.

We will update this page with any significant changes. 

Last updated on: 28th March 2024

We understand that current events are a growing cause for concern and in some cases, financial difficulty, particularly for those with mortgages.

We are your Society. We are here to support you and we encourage you to talk to us if you are concerned about your mortgage payments, or your wider finances.

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We are available to talk to you about mortgage payment difficulties on 0345 702 3083. Lines are open 9am - 6pm Monday to Thursday, and 9am - 5pm on Friday. Calls to 0345 numbers cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile. Calls from landlines and mobiles are included in any bundled minutes or free call packages.  The actual cost you are charged will depend on your landline or mobile provider. Please contact them to get information about the cost of the call. We may monitor and record telephone calls for training and security purposes.

With rising living costs, it can be tough to stay in control of your finances. That's why we've partnered with Citizens Advice Gateshead to create Helping Hand - a service dedicated to our members so they can talk to an expert adviser and get support when they need it. 

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With rising living costs, it can be tough to stay in control of your finances. That's why we've partnered with Citizens Advice Gateshead to create Helping Hand - a service dedicated to our members so they can talk to an expert adviser and get support when they need it. 

Find out more about how Helping Hand could support you. 

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We can help make sure that you are supported in managing your financial affairs, when you no longer feel able to.

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MoneyHelper is a government supported service that offers free support for people with money worries. Which includes impartial guidance, and recommendations to further, trusted support if you need it.

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