Towergate IFA arm under FCA scrutiny over UCIS advice

The group is conducting a review to identify whether any flaws in the sales process have caused customer detriment. Towergate said it stopped advising on ETV's - the value an employer offers an employee for their defined benefit (DB) fund in return for them transferring out - from the fourth quarter 2012. If customer detriment is found, Towergate could face an FCA fine, paying consumer redress, be forced to change it sales processes or a combination of all three. Alternatively the FCA could decide no further action is needed. Towergate said the investigation is at an early stage...