Brokers question Towergate's client money misallocation timespan

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Brokers have expressed surprise at the length of time it took for Towergate's client and insurer money issues to come to light.

The consolidator's bondholder report revealed that £15m was misallocated between restricted and unrestricted accounts from November 2007 until January 2011.

Although Towergate's group CEO Mark Hodges insisted that the issue has been "immediately rectified" brokers have still questioned how the funds could have been misallocated for four years and why these concerns have

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