SO WHAT DO THE KEY PLAYERS HAVE TO SAY?

LAST week, The Mail on Sunday sought comments from those embroiled in Philips Trust Corporation.

We contacted Kay Collins of PTC by phone and email but got no response. Chris Cauvain of CX Wealth said: ‘I can assure you the assets we manage [on behalf of PTC] exist. We fully expect to return all capital plus interest due to PTC clients or any administrators when it falls due. We will co-operate fully to give PTC clients much needed reassurance.’

Leeds Building Society confirmed it had introduced members seeking wills and trusts to The Estate Planning Group, comprising The Will Writing Company (TWWC) and Family Trust Corporation (FTC). It said any advice given by the firms was independent of the society and not shared with it.

Leeds added: ‘Late last year, we started to receive correspondence from members unable to contact Philips Trust. We have never had a relationship with PTC, or any influence over them, but we are concerned by the problems encountered by customers.’

Newcastle Building Society said that since the demise of TWWC, it had ‘operated a dedicated support team, responding to all queries relating to the company on a case-by-case basis’.

Tom Gormanly, former director of TWWC and Safe Hands, said: ‘There is a lot of bad comment online about Philips from a customer service perspective.’

Yesterday, commenting on Safe Hands, Richard Wells said: ‘It is with deep and sincere regret that Safe Hands is in this position.’