Philips Trust Corporation: Insolvency

Treasury written question – answered on 7th June 2022.

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Photo of Holly Lynch Holly Lynch Shadow Minister (Home Office)

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of providing support for those who held policies with the Philips Trust Corporation Limited, following the company going into administration on 22 April 2022.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The administrators of Philips Trust Corporation are working to secure the best results for customers and creditors.

As the Philips Trust Corporation was not a regulated firm, any losses are unlikely to be covered by the Financial Services Compensation Scheme, except in limited circumstances.

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