Philip Trust

[spygirl]

Pound shop trust setup, so oaos can avoid selling house to pay for care goes belly up.

For some reasons, Yorkshire Post is outraged by this.

BSes have Bern redirecting customers to them.

https://forums.moneysavingexpert.com/discussion/6170947/property-in-trust

https://lifetimelawyers.org.uk/Public/Members/Non-menu-posts/Members-Blog-Content/The-Universal-Wealth-Scandal.aspx

The Universal Wealth Scandal

Roger and Jackie Wade from Sheffield came close to losing everything they had worked 30 years for, at the hands of ceased company Universal Wealth.

Roger Wade attended a Universal Wealth seminar in Sheffield and was persuaded to sign his property over into a trust to protect against care home fees and inheritance tax.  

‘Because Jackie and I had signed this trust, the government were going to take a third of what we were going to leave to our lads’ Roger Wade

Universal Wealth operated by sending out literature to households advertising a ‘Keep it in the Family’ seminar which they held in hotels nationwide. Ran by Steven and Melanie Long, the company targeted people of retirement age, and proposed that they create wills, lasting powers of attorney and asset protection trusts. 

Roger later realised the trust they had signed their property into would fail to carry out its primary purpose, which was to safeguard against inheritance tax and future care home fees, it had an adverse effect and would incur an enormous Capital Gains Tax bill for him and his family.

Former client of Universal Wealth, Roger Wade comments on his experience.

‘I heard about Universal Wealth and their services, through a flyer that came through my front door.

Commenting on the seminar ‘there must have been about 200 people there, they were all over 60’s’ 

‘The people running the seminar said they were practising solicitors and they told us about the benefits of the trust, but they never said anything about having to pay Capital Gains Tax when you came to sell your house, they never mentioned that.

I thought yes, we need a will and, yes, we need power of attorney and the trust option sounded so good we took that on as well’ 

After signing up to the trust, Roger later received communication from another firm. 

 

https://www.msn.com/en-gb/money/other/philips-trust-corporation-new-blow-for-victims-of-financial-scandal-as-14m-default-revealed/ar-BB1jcGt3

[Wight Flight]

You can only con a greedy person.

No sympathy.

[spygirl]

More...

https://www.telegraph.co.uk/money/investing/building-societies-family-trust-philips-scandal-pensioners/

[One percent]

15 minutes ago, spygirl said:

More...

https://www.telegraph.co.uk/money/investing/building-societies-family-trust-philips-scandal-pensioners/

From the article

Since then, the FCA has confirmed it will not investigate any of the 10 building societies that introduced customers to unregulated trusts. It said it “can’t hold the building societies responsible for the actions of  Philips Trust”, and that making the introductions has not breached any of its principles for business.

 

 

a bunch of thieves protected by the FCA, another bunch of thieves.  I do wonder how these sharks will survive when all the branches have shut and thus deprived them of rich hunting grounds for selling crap to idiots. 

[spygirl]

2 hours ago, One percent said:

From the article

Since then, the FCA has confirmed it will not investigate any of the 10 building societies that introduced customers to unregulated trusts. It said it “can’t hold the building societies responsible for the actions of  Philips Trust”, and that making the introductions has not breached any of its principles for business.

 

 

a bunch of thieves protected by the FCA, another bunch of thieves.  I do wonder how these sharks will survive when all the branches have shut and thus deprived them of rich hunting grounds for selling crap to idiots. 

Hmm ..

Not sure.

Arms length FAs from BS operating in unregulated activity.

 

[One percent]

8 minutes ago, spygirl said:

Hmm ..

Not sure.

Arms length FAs from BS operating in unregulated activity.

 

What bit are you not sure about? 

[spygirl]

15 hours ago, One percent said:

What bit are you not sure about? 

If the BSes had any blame he the FCA wold be all over them.

This is from the idiot who doe YPs bizzyness/fiance section. Gregg??? Hes a total moron.

AFAICT the banks offered/promoted a will writing service for their customers.

The will writing company was took over by the idiots who did this pound shop trust, which was pitched to the will customers.

https://www.fca.org.uk/news/news-stories/update-consumers-philips-trust-corporation

A significant number of consumers were affected when the Philips Trust Corporation (PTC) went into administration in April 2022. This case has been very distressing for those who have lost money.

While PTC itself was not regulated by the FCA, we have received a lot of questions about whether we can act against the building societies which introduced customers to predecessor companies.

We’ve considered very carefully if we can take action. We have concluded that in this instance we cannot. We know that this will be disappointing for consumers, and so we want to set out why that is.

 

The BS customers had the service the BS promoted - will writing.

The will writer was took over by shysters, who then promoted the scam trust to the people which had drawn up wills.

The shysters alos fput flyers out.