Brothers John and David Ledgard have lost £180,000 as a consequence of the family trust scandal involving Leeds Building Society. Their mother Mary was talked into signing over the family home into a family trust by unregulated advisers she was introduced to by the building society.
We Also talk to Roger Hall who is also among the victims of the building society family trusts scandal after putting a property and £130,000 into an unregulated service offered via Nottingham Building Society's Dinnington branch.
We Also talk to Roger Hall who is also among the victims of the building society family trusts scandal after putting a property and £130,000 into an unregulated service offered via Nottingham Building Society's Dinnington branch.
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NewsTranscript
00:00 My name is John Ledgerd and I'm standing outside the family home which was, in my opinion,
00:05 stolen from us by Phillips Trust which was recommended to us, to my mother, by the Leeds
00:10 Building Society in 2014 and that resulted in us losing the entire profit from the sale of the
00:16 house. This is very emotional for me because it's the first time I've been back here for a few years
00:21 and my mum's had lots of friends around here and I'm standing here not even knowing if they're
00:24 alive or dead. It's, you know, just been to the grave as well for the first time for a couple of
00:30 years and it's overgrown and obviously we're a very close family and I, you know, from being born
00:35 in 1964 I lived here, same as my brother who was born in 1968. No, no, it's like my mum and dad
00:41 worked hard all their life like to get to, you know, to have this house and that and then they
00:46 were going to like leave it to us like, you know, and we just feel like we've just been robbed,
00:50 you know, like the house sold practically straight away after my mum passed away and we're still,
00:55 you know, we're still waiting for the money, we haven't, nothing's to be seen and as like John
01:00 says it's the first time that I've been up here since my mum passed away and, you know, I find it
01:05 very emotional and, you know, and just I was born in '68 and this, I grew up around this area and
01:11 everything like, you know, and I just think, you know, I just want justice like, you know,
01:17 at the end of the day it's, you know, I just feel like we've just been robbed of my mum and dad's
01:22 house, you know, like that they worked really hard for. When my mum used to go into Leeds
01:27 Building Society, used to go in every two weeks to draw a pension out because she didn't like
01:31 using cards and she also at that time had five accounts there, one for her mum, one for my son
01:37 and one for David, two children and she used and trusted that building society and she was on
01:42 first name terms with them all and everything and when I initially went with the right because
01:47 they took the building society into the back room upstairs, you just trusted them because
01:50 they're an institution. My name's Roger Hall and with the Nottingham Building Society advised me to
02:00 place assets in a family trust. The family trust then changed ownership to another family trust
02:11 and as part of that process some of our assets have gone astray and the administrator who was
02:20 calling to administer Phillips Trust Corporation's affairs, they're in the process of doing a
02:31 reconciliation exercise to try and attempt to find out where some of this cash is going. I think
02:39 they've betrayed us. Good, honest, loyal elderly people, we've been betrayed by Nottingham. They've
02:46 not given us proper advice, they've not done proper scrutiny of the trust companies they were dealing
02:54 with and I think we feel extremely let down and out of pocket. Q. And what would you like to see
03:00 happen? Full compensation. It cannot be anything else in my view.