Nick Anderson, head of compliance and risk at IFA Towry, has made a shock departure from the firm a week after it was fined nearly half a million pounds for misleading the Financial Services Authority (FSA).
Towry confirmed Anderson had stepped down but would not say why. In a statement a spokesperson said: "Towry cannot comment on decisions made by individuals. "We would like to thank Nick for his contribution and tremendous amount of hard work whilst at Towry, and we wish him every success in the future." Last week FSA fined Towry £494,000 for client money breaches and misleading the regulator. The FSA found Towry posed a risk to client money by failing to keep adequate records, breaching Principle 10. It also failed to identify this problem, and misled the FSA over its procedures...
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