Towergate client money issues "unforgivable"
Compliance experts deem long term misallocation of money "worrying".
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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