My Early Day Motion calling for compensation for those affected by building society scandal

May 7, 2024

I have been contacted by several constituents recently making my office aware of the financial and emotional trauma caused by local building societies after they mis-sold estate-planning and will-writing services to a number of clients.

These plans were provided by third-parties, such as the Phillips Trust, who were unregulated and proceeded to go bust in the process of making risky investments on behalf of their clients – many of whom lost life-savings and homes.

Recently, campaigners for compensation from the building societies who mis-sold these plans without adequate due-diligence checks on the risks to members called on the Financial Conduct Authority to compel at-fault institutions to reimburse customers in full – including for enormous amounts of emotional stress and financial peril suffered during the period.

Frustratingly, the FCA have chosen to sit on their hands regarding the matter and so I have acted by tabling an Early Day Motion in Parliament in order to ask the Government to ensure the FCA is given the powers it needs to properly protect customers from being mis-sold plans by trusted partners, and to ensure compensation is paid to those affected.

You can view the EDM and ask your MP to sign HERE.

Latest News