March 9th, 12pm – 3pm GMT
There’ll be a short presentation about the issues followed by the sharing of peoples experiences, with the view to gathering evidence to encourage the Financial Conduct Authority to take action in the interest of those who have lost money, and to help prevent similar scandals happening in the future.
Why you should attend
The All Party Parliamentary Group on Personal Banking and Fairer Financial Services (‘APPG’)(https://appgonpersonalbankingandfairerfinancialservices.org) is investigating the Building Societies’ involvement in introducing The Will Writing Company (‘TWWC’) the Family Trust Corporation (‘FTC’) and The Philips Trust Corporation (‘PTC’) to their customers (together, ‘the introductions’).
The APPG has been in correspondence with the Financial Conduct Authority (‘FCA’), with the aim of encouraging the FCA to change its current position, which is that it does not need to conduct an in-depth review and that the Building Societies do not need to compensate those who have suffered losses.
The APPG would now like to hold an evidence session with those who believe they have suffered financial loss as a result of the introductions and their representatives, in order to help it make the case to the FCA that the Building Societies were negligent or otherwise deficient in making the introductions and that they should therefore compensate those negatively impacted.
The meeting will be hosted by the APPG’s Secretariat, which is provided by consumer advocacy group Transparency Task Force (https://www.transparencytaskforce.org/), a Certified Social Enterprise, and will be chaired initially by David Simmonds CBE MP (who brought this matter to the attention of the APPG) and thereafter by Andy Agathangelou, founder of Transparency Task Force, in his capacity as Chair of the APPG’s Secretariat Committee.
The meeting is anticipated to last approximately three hours, but the organisers will endeavour to keep it going, within reason, until the necessary evidence has been collated. The event will be recorded and the video and any evidence received by email will be shared with the APPG and the FCA to encourage the FCA to change its current position and hopefully pursue a course of action that might lead to redress.
We are inviting everyone who has been affected by the current situation and/or who has relevant evidence to share, including family members/friends/legal representatives who are representing clients/family members, to participate. It is important that as many people as possible attend this meeting in order for our voices to be heard.
A series of questions will be asked for participants to answer. We have included them below, in order for you to prepare answers and have to hand any documentation that you need to refer to, in advance of the meeting:
- How and when did you come to hear about Philips Trust Corporation, Family Trust Corporation, The Will Writing Company or whichever of the associated companies you first had dealings with?;
- What information or impression were you given about the relationship between your Building Society and the firm you first had dealings with?;
- Was the existence of any commission-based payment received by the Building Society brought to your attention – and if so, when, and how?;
- How did your trust come to be transferred from The Family Trust Corporation to the Philips Trust Corporation?
- At the time of the transfer, were you aware that the two companies were connected? If not, when and how did you become aware of the link?
- What problems have been caused by the trust arrangements put in place by the Family or Philips Trust Corporation?;
- Which of the companies do you blame for these problems, or are both responsible?
- Did you raise concerns with either firm, whether prior to the handover from FTC to PTC or prior to the insolvency of PTC – and if so, what was the response?;
- Have you raised concerns with your Building Society – and if so, what was the response?;
- Have you raised concerns with the Financial Ombudsman Service – and if so, what was the response?;
- Have you raised concerns with the Financial Conduct Authority – and if so, what was the response?;
- Do you believe you have been treated fairly or unfairly by your Building Society?
- Have you raised concerns with the Building Societies Association, or any other body – and if so, what was the response?;
- Do you believe the Financial Ombudsman Service or Financial Conduct Authority have treated you fairly, if you have had dealings with them?
- Have your experiences led you to be distrustful of or less likely to do business with the UK financial services industry?
- What would you like the Building Societies, Financial Ombudsman Service or Financial Conduct Authority to do now, to resolve the problems created by FTC/PTC?
Line up of speakers
Member of the Secretariat to the APPG on Personal Banking and Fairer Financial Services