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
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