Towergate Financial

Group retains liabilities for now-sold-off advisory unit Towergate Financial

Towergate Insurance has sold advice business Towergate Financial to Palatine Private Equity in a £8.64m deal.

Insurance broker Towergate is in talks with the Financial Conduct Authority (FCA) over advice on enhanced transfer values (ETV) and unregulated collective investment scheme (UCIS) given to clients by its adviser arm Towergate Financial.

The West Bromwich building society is partnering with Towergate Financial to provide customers with independent financial planning and advice services in branch.

Towergate Financial's investment committee has selected Seven Investment Management (7IM) as their choice of manager for the risk rated range of Towergate Passive Multi Asset Portfolios (MAPs).

Towergate has started targeting large UK-based companies in a bid to widen its customer base.

Advisory firms' focus on higher net worth clientele following the Retail Distribution Review (RDR) will leave more room in the mass market for companies such as Towergate Financial, its chief executive said.

Warren Page, the chief operating officer of Towergate Financial, has been promoted to chief executive, replacing Dan Saulter.

Ian Darby, chief executive of Towergate Financial, has stepped down from his role in order to pursue other interests.

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