Wealth manager Towry has been forced to spend a further £3.7m to deal with issues the regulator has with the business, following a quadrupling of the expenditure last year.
The firm said in its latest accounts it has reviewed its "processes and advisory issues" in response to discussions with the Financial Conduct Authority (FCA) and has "undertaken various actions to address the issues raised". Towry had already spent £2.1m on fixing issues the FCA was concerned about in the previous year, four times as much as in 2012. The extra expenditure contributed to halving of pre-tax profits to £4.4m. Towry also spent £5.4m on restructuring in 2014 following its acquisition of Baker Tilly's advice business in April. Chief executive Rob Devey (pictured) sai...
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