Towry sees regulatory costs quadruple; pays £424k for historic complaints

The firm's annual results for 2013 showed Towry's expenditure for settling 'exceptional' regulatory costs were four times as much as in the year before, when the it cost the firm £432,000 to respond to the regulator's concerns. Towry said the costs relate to "responding to the FCA on various regulatory matters including the adoption to the themes in the Retail Distribution Review". A spokesperson said: "Like many firms in our industry, we have reviewed our processes and ensured that we have historically done the right thing for our clients and, where necessary, taken action. He add...