FCA holding fire over Towergate misallocation


The Financial Conduct Authority (FCA) has declined to comment on whether it is currently or will be conducting an internal investigation into how the misallocation of £15m of client money by Towergate over three years was missed.

When asked why the misallocation had not been uncovered during routine checks, the spokesperson added: “That’s a bit like asking why the police don’t prevent every crime before it happens.

“We attempt to intervene when these things happen, but it’s incumbent on firms to

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