KPMG has confirmed that it was the auditor for Towergate during the 2007 to 2011 period in which the misallocation of £15m of client money occurred.
A spokesperson for the financial services firm said: “We are aware of the issue.”
When questioned about what action Towergate was taking over the issue, a spokesperson for the consolidator said: “As part of a programme to improve our finance control framework, we identified a £15m misallocation between company funds and client and insurer monies.
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