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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