Help and support

Newcastle Building Society is very concerned by, and sympathetic to, the difficult situation faced by people who have been affected by Philips Trust Corporation. It has been extremely distressing to hear their stories and the impact of the Philips Trust Corporation’s actions on their lives.

Meaningful financial support for our affected customers

The Society has never had a relationship with, nor at any point referred customers to, Philips Trust and there is no legal or regulatory requirement to offer financial help. However, as a Society we are serious about our commitment to our purpose and supporting the communities we serve.  We believe that providing meaningful, voluntary financial support for our affected customers who are facing such difficult circumstances, is the right thing to do.

This update provides clarity around the proposed voluntary financial support and what will happen next.

What does this mean for affected customers?

We will provide support to affected customers who were initially referred to The Will Writing Company/Estate Planning Group/Family Trust Corporation, and where Philips Trust Corporation subsequently became their trustee of their trust and remained so at the point of administration, or, as at the date of its administration, Philips Trust Corporation held an investment on behalf of their trust and continues to do so. Support will be directed towards

1. Trusts involving investments: re-establishing 100% of each customer’s Philips Trust Corporation investment balance (i.e. each customer’s Accepted Claim as verified by Kroll, the administrators).

Accepted Claims are verified as part of the Distribution Plan approved by the court on 31^st March 2023. Offers will be valid for 6 months on a full and final basis. In view of the voluntary support, the Society will look to ensure that any future recoveries from the investments which become available for distribution will be used to reimburse it, up to the amount of the voluntary payment made.

 2. Trusts involving a property: providing up to £2,400 towards the cost of replacing Philips Trust Corporation as trustee and appointing a new trustee.

This is applicable both to customers who have already transferred their trust away from Philips Trust Corporation after the date of the administration and for those customers who have yet to do so. This will be inclusive of any support already provided to customers involving the appointment of new trustees.

 3. The small number of investment-only trusts: providing a financial contribution towards replacing Philips Trust Corporation as trustee and appointing a new trustee, the cost of which is yet to be determined.

Please Note:

The support offered is voluntary, at the discretion of the society and seeks to take account of the unique circumstances of the situation. It is based on the current information available from Kroll.

The voluntary support that is offered may, in some situations, have tax implications for the trust/beneficiaries, and as such is a matter for the trust/beneficiaries. The society cannot give any guidance or advice as each situation is unique. Customers may wish to seek assistance via independent advisers.

The voluntary support does not cover any additional legal or advice costs.

What happens next?

There is no action required by customers at this time.

The situation remains complex, with more work required with Kroll to define and agree the process to enable the financial support to be paid.

Affected customers will be contacted directly by Kroll with a further update by the end of May.

We continue to offer support to any current or future police investigation which aims to hold those responsible to account.

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.

We will continue updating this page with any significant changes.

Last updated: 2 May 2024

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