Tag: Towergate Underwriting Group Limited

July 14, 2016 BY Valentina Kirilova

Towergate statement on £2.6 million FCA fine

Further to our coverage yesterday of the £2.6 million fine handed out by the FCA to Towergate, the company has accepted responsibility and agreed to pay a fine of £2,632,000. Towergate has fully cooperated and worked closely with the FCA throughout the investigation.  It has settled at the earliest opportunity, resulting in a reduced fine. Towergate…

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July 13, 2016 BY Valentina Kirilova

FCA fines Towergate and former director more than £2m

The Financial Conduct Authority (FCA) has today fined Towergate Underwriting Group Limited (Towergate) £2,632,000 for failings in relation to its protection of client and insurer money. Towergate, an insurance intermediary which holds both client and insurer money, accumulated a shortfall of £12.6 million in its client and insurer money bank accounts which, due to systems…

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