Towergate regulatory costs near £9m as FCA advice probe continues

The FCA investigations, which concern misallocated insurer and client monies, advice provided on pension enhanced transfer values (ETVs) and unregulated collective investment schemes (UCIS), and a strengthening of the group's control framework, cost Towergate £5.4m in the third quarter of the year alone (Q3 2014: £5.5m). A statement in the firm's quarterly bondholder report, which coincided with its third quarter results in which income dipped by 10%, confirmed that investigations were continuing into the incident that saw £15m of client and insurer monies misallocated between November 2...