Mutual's £11m for members 'duped' by risky investment

NOTTINGHAM Building Society is paying millions to members who were 'duped' and forced to fight for their homes and savings after an investment scheme collapsed.

- By JOSHUA HARTLEY

The city-based building society has said it is giving £11.2 million to members who put their assets into a deceptively risky trust programme that reduced the value of their investments and endangered their homes.

The mutual received commission from 2011 to 2017 for sending elderly customers to the Will Writing Company, which offered support and advice with writing wills and putting property and savings into trusts. The Will Writing Company went bust in 2018, and the firm and its sister enterprise the Family Trust Corporation were acquired by the Philips Trust Corporation (PTC).