Leeds Building Society introduced me to an unregulated company without warning of the dangers - Yorkshire Post Letters

I would like to thank Chris Burn for highlighting a serious situation members of Leeds Building Society are encountering in regards to family trust and life savings investments caught up in the administration process for the Philips Trust company. (The Yorkshire Post, February 26).

Reading Mr Richard Fearon’s remarks he only touched the surface.

My position is that Leeds BS introduced me to an unregulated company without warning of the dangers. I was also not told Leeds BS were taking a commission.

After inquiring at a later date if LBS had taken a commission I was told the amount at the time was 10 per cent. However when I made a data subject access request from LBS it revealed the actual amount they had taken was over 15 per cent.

So it doesn't surprise me when MrFearon says he is unable to tell how many customers had dealt with The Will Writing Company before potential transfers to Philips Trust if it is the case there are no accurate records available of commissions or bonuses paid to LBS staff for introductions.

Questions I have asked LBS have not been answered in my mind. Mr Fearon says LBS is monitoring the situation and seeing what impact it has on members. I think anyone would know the financial and mental impact it is having on members.