Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to take steps to support people who lost (a) money and (b) assets due to the collapse of the Philips Trust Corporation.

The Philips Trust Corporation was not authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA), and was not carrying out any regulated activities. As such, any losses are not covered by the Financial Services Compensation Scheme.

Consumers who have concerns about the role played by their bank or building society in relation to Philips Trust Corporation may be eligible to complain to the Financial Ombudsman Service (FOS). Whether a particular complaint is eligible or not is a matter for the FOS.