Options when unwinding mis-sold trusts

The unregulated wills and trust market has never been more alive. Hundreds of unqualified salespeople are selling to unsuspecting individuals often promising to solve an invented problem.

The recent collapses of Universal Wealth and Phillips Trust Corporation leaving hundreds blocked from their assets have pushed these activities to the forefront of the professional media.

Professionals have long known about this scandal most of us have had something come across our desk that we have had to try and unscramble. Now the media and the professions need to do more to publicise this in mainstream channels to educate the general public about the risks of engaging such outfits and the likelihood of being landed with escalating costs in the future.

This article will look at some of the routes that professionals can pursue when a client has entered into one of these schemes and...