The recent decision from the Financial Conduct Authority that it has no power to intervene to recover the losses for many people who were advised to set up trusts through The Will Writing Company and the Philips Trust Corporation, both now in administration, underlines the importance of using specialist advisers from properly regulated law firms to obtain advice on the relevance of trusts in each situation.
We are assisting a number of clients who have have been incorrectly advised both by these companies and other unregulated bodies. In a number of cases, this has involved unravelling trusts where we can, that were set up in entirely inappropriate situations.
Trusts can be useful vehicles to save inheritance tax and to ensure assets pass effectively to the next generation, for instance. But setting up a trust creates a new legal entity and with that come complexities that require careful consideration and advice.
It is important to make sure that your adviser has the necessary qualifications to assist you and is properly regulated and insured. Our solicitors at SE-Solicitors have spent many years qualifying and practising in these areas and will be happy to assist you with any estate planning and related advice that you require. Contact us here
The Financial Conduct Authority (FCA) has announced it will not take enforcement action against building societies who introduced customers to third-party companies for will-writing and estate planning services, including the setting up of trusts.
https://www.step.org/industry-news/uk-fca-declines-take-action-over-philips-trust-failure
