Towry transfer delays costing Ascentric £15k a month

Managing director Hugo Thorman (pictured) says the wrap is facing delays of up to four months to make the transfers and has criticised Towry for its "inefficient" handling of the problem. The assets waiting for transfer to the platform are those of former clients of Edward Jones, which was acquired by Towry Law last October. However, an issue has arisen concerning the custody of these assets, which are now held by Towry in a nominee account. In order to transfer assets, Towry has to send stock transfer forms to the relevant fund management group which then transfers custody of the ass...