Victory for victims of family trusts scandal is on the horizon with Leeds Building Society set to provide financial support

For too long it looked as if the pleas of victims of the Philips Trust Corporation were falling on deaf ears. But the determination of campaigners has led to the door potentially being opened to financial support for customers of Leeds Building Society (LBS).

Positive noises have been emanating from the mutual’s annual general meeting (AGM) on Thursday. And LBS is set to announce a financial support scheme for victims in the coming weeks. What form this will take and how far it will go remains to be seen but LBS deserves credit for engaging with distressed victims.

In the past the mutuals embroiled in this scandal have tried to pass off responsibility when it is clearly a building societies’ problem. While they weren't directly involved with Philips Trust, they set in motion a chain of events that effectively allowed the fox into the hen house.

What this scandal has done is throw up questions about the efficacy of the regulator. The Financial Conduct Authority (FCA) has been found wanting just when victims needed its support the most.

While some campaigners are calling for the law to be changed to enable people to sue the FCA, there are myriad challenges with such a policy change.

The Treasury should have intervened in this case but it too washed its hands of responsibility.

The determination of campaigners is to be praised. And The Yorkshire Post offers its gratitude to all those campaigners who have entrusted this newspaper to shine a light on this issue.

The important thing now is that victims are provided financial support and that the police launch a thorough probe into the Philips Trust Corporation.