Towry: Other firms will offload smaller clients

Defending the decision to close the accounts of 6,000 clients holding less than £5,000 in assets, Towry says smaller investors will be better served by banks and predicts other firms will follow its lead as strategic reviews are undertaken ahead of RDR. "We have done a strategic review as part of the TCF initiative and an important part of this is making sure the service you provide is relevant to the people you are serving," says head of marketing Peter Foster. "So we have written to those clients with under £5,000 saying what we do is not economical for them." Foster, who acknowledg...