Towergate admits to misallocating £15m of client money
Consolidator notified Financial Conduct Authority.
Towergate has revealed that between November 2007 and January 2011 it misallocated £15m of client and insurer monies between restricted and unrestricted accounts.
According to the broker, a management initiative uncovered the fact during the course of 2013.
In Towergate Holdings II's financial report for the quarter ended 30 September 2013 the company wrote that this year it had initiated a programme to strengthen the control framework and centralise the processing of client money.
Misallocated
"
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
JMG in quadruple deal swoop
JMG has snapped up four brokers, adding additional expertise in high-net-worth, commercial, motor trade, technical and specialist consultancy services to the Yorkshire-headquartered group, Insurance Age can reveal.
Polaris at 30 – managing director Vivek Banga
Ahead of a week-long ‘Polaris at 30’ series Insurance Age caught up with managing director Vivek Banga to run the rule over the history of e-trading developments and what is coming next for brokers.
People Moves: 18 – 22 November 2024
Follow the latest insurance personnel moves.
FSCS gives first insight on increasing levy to £394m
The Financial Services Compensation Scheme has indicated its levy for 2025/26 will rise to £394m from £265m this financial year as it cited having lower surpluses to carry forward and offset bills – a factor that has benefited brokers for two years in a row.
News analysis: Acquisitional independent brokers are on the rise, but are they any different to consolidators?
Whilst larger international and private equity backed-brokers might get the most headlines when it comes to mergers and acquisitions, they are not the only firms looking to buy. Martin Friel looks at the emergence of a host of smaller independent companies which are looking to supplement their organic growth with the odd dabble into M&A.
Close Brothers bringing in written consent rule on commercial broker premium finance commission
Close Brothers will require consent from commercial customers for broker commissions for premium finance as of Monday 25 November.
Konsileo seals £8m fundraise
Top 100 insurance broker Konsileo has completed an £8m fundraise to accelerate its expansion across the UK, Insurance Age can reveal.
JM Glendinning Real Estate expands footprint into London
JM Glendinning Real Estate is growing its team and geographic footprint with a new base in London this month.