Towergate Insurance has sold advice business Towergate Financial to Palatine Private Equity in a £8.64m deal.
Towergate said it had "long identified" the arm as a non-core element of the business due to its "different operational and risk profile". Towergate Financial is currently undergoing a skilled person review (Section 166 Review) of past advice on enhanced transfer values and unregulated collective investment schemes. The review is being carried out by BDO and will continue post-transaction with Towergate remaining liable for any past advice given by Towergate Financial. It said it sold the business to "de-risk" itself from "any future potential issues that might arise in this sector...
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