Editor’s letter - December 2013
“On Insurance Age we have been writing about the risks around client money for more years than I wish to remember, as has the regulator”
As Oscar Wilde never said, to misallocate client money for one year may be regarded as misfortune, to misallocate for two years looks like carelessness. It is hard to imagine what misallocating for three years would look like. Although not as hard as it used to be.
Just as we went to press Towergate admitted that it had misallocated £15m of client money between November 2007 and January 2011. By my maths, that is over three years. The consolidator has been explicit in detailing that it found out
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