FCA fines Towergate £2.6m
Regulator discovered a number of weaknesses in relation to Towergate's protection of client and insurer money.
The Financial Conduct Authority (FCA) has today fined Towergate Underwriting Group £2.63m for failings in relation to its protection of client and insurer money.
According to the FCA, Towergate accumulated a shortfall of £12.6m in its client and insurer money bank accounts which, due to systems and controls weaknesses, went undetected for a number of years.
The FCA has also fined former Towergate client money officer and CF1 (director) Timothy Philip £60,000 and banned him from having direct
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