KPMG was Towergate auditor when client money misallocation took place
Broker has stated that misallocation will have no impact on clients, partners or earnings.
KPMG has confirmed that it was the auditor for Towergate during the 2007 to 2011 period in which the misallocation of £15m of client money occurred.
A spokesperson for the financial services firm said: “We are aware of the issue.”
When questioned about what action Towergate was taking over the issue, a spokesperson for the consolidator said: “As part of a programme to improve our finance control framework, we identified a £15m misallocation between company funds and client and insurer monies.
“T
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