Help and support

Update: 3 October 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation.

As part of the process to enable the payment of the voluntary financial support to the trusts, Kroll made an application to the Court for approval of a revised version of the Distribution Plan. The Court approved the application on 23 September 2024, which means that offers of voluntary support can now be made.

Kroll will begin to issue offers to customers who are eligible to participate and have not opted-out of the process. Details of how to accept the offer are included in the letter.

If you have a question for Kroll, or queries on their letter, 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.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 2 September 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation. As part of the process to enable the payment of the voluntary financial support to the trusts, Kroll has made an application to the Court for approval of a revised version of the Distribution Plan. The court hearing took place on 30 August 2024 to consider the amended Distribution Plan which needs court approval before any offers of voluntary support can be made.  At the hearing a representative of the PTC Action Group requested an adjournment.  The judge granted a short adjournment to 11 September 2024.

In the meantime, Kroll will be sending another important progress update letter to customers who have provided their data to Kroll and that the Society have verified are eligible to participate. The letter will outline key details of the offer of support that will be made to the Trust, once the amended Distribution Plan has been approved.  If you receive the letter confirming you are eligible and wish to receive an offer, you need do nothing further.  If you do not wish to receive an offer of voluntary financial support, details of the opt-out process are included in the letter.

It is important that affected Philips Trust Corporation customers take time to read the letter.

If you have a question for Kroll, or queries on their letter, 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.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 30 May 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation.

Kroll are sending a letter to affected customers with an update on the voluntary support initiative, including action required by affected customers. It is important customers read and act upon this letter as it is necessary to enable the Society to make an offer of voluntary financial support.

If you have a question for Kroll, or queries on their letter, 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.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 2 May 2024

Read the full announcement: Building Societies to voluntarily offer financial help to their customers affected by the collapse of Philips Trust Corporation 2nd May 2024. (PDF, 100KB)

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.

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With rising living costs, it can be tough to stay in control of your finances. That's why we've partnered with Citizens Advice Gateshead to create Helping Hand - a service dedicated to our members so they can talk to an expert adviser and get support when they need it. 

Find out more about how Helping Hand could support you. 

Take a look at our savings frequently asked questions. 

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