Towry transfer delays costing Ascentric £15k a month

clock

Ascentric says delays in the transfer of £75m worth of Towry assets on to the platform are costing it £15,000 per month, as a dedicated team battles to sort out the "extraordinary" and "embarrassing" problem.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: IHT 'uncertainty' and a pigeon hole warning

Professional Adviser TV: IHT 'uncertainty' and a pigeon hole warning

Key message is ‘not to panic’

Professional Adviser
clock 15 August 2025 • 1 min read
Titan Wealth losses widen to £44.7m following acquisition costs

Titan Wealth losses widen to £44.7m following acquisition costs

Revenues climb 44% to £77.4m as group continues expansion drive

Sahar Nazir
clock 15 August 2025 • 2 min read
Feel Good Friday: Benchmark encourages young people to foster financial literacy

Feel Good Friday: Benchmark encourages young people to foster financial literacy

Wesley Harrison shares ‘guide to talking about money’

Professional Adviser
clock 15 August 2025 • 1 min read