Towergate sells advice arm in £8m private equity deal

Towergate said it had "long identified" the arm as a non-core element of the business due to its "different operational and risk profile". Towergate Financial is currently undergoing a skilled person review (Section 166 Review) of past advice on enhanced transfer values and unregulated collective investment schemes. The review is being carried out by BDO and will continue post-transaction with Towergate remaining liable for any past advice given by Towergate Financial. It said it sold the business to "de-risk" itself from "any future potential issues that might arise in this sector...