Watchdog will take no action over scheme that 'duped' pensioners

The financial services watchdog will take no action against building societies which referred customers to a trust programme that put their homes and life savings at risk. The Financial Conduct Authority will not take action against The Nottingham, despite calls for it and other building societies to be punished for passing pensioners to a trust company which ultimately put their homes and investments in danger.

"We do not decide what activities fall within our remit. Government and Parliament has not legislated to include the type of estate planning trust services provided by the companies within the activities regulated by the FCA. FCA investigators said they carried out a review of the building societies' role as well as engaged with PTC's administrators and customers, but those impacted have slammed the regulator's update as a "complete dereliction of duty". Andrea Hindley of the Philips Trust Action Group, who argued the building societies' introductions had broken the FCA's guiding principles, said: "This is an astounding announcement from the FCA.

"If victims cannot rely on the FCA to protect their interests when elderly vulnerable people are propelled into a third party relationship with an unregulated group of companies, where can they go?" The group expressed its hope the Government would force the involved building societies to compensate the more than 2,000 families impacted.

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