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
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop