Towergate client money issues "unforgivable"

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The misallocation of £15m of client money by Towergate has revealed a failure of systems and controls at the company, according to compliance experts.

Terence Clark , head of compliance at RWA, said: “The client money process is not difficult – after nine years firms should be getting it right.

“In this day and age, it’s pretty unforgiveable to get it wrong.”

Clark stated: “Client money is, always has been and always will be a primary focus of the regulator.”

And he added that if firms get their

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