Basic Search  |  Summaries  |  Advanced SearchPenalty: £2,632,000
Year: 2016
Date: 13 July, 2016
Offence Group: consumer-protection-related offences
Offence Type: insurance violation
Violation Description: Towergate paid a £2.6 million fine in settlement of a finding by the FCA that the company did not take reasonable care to manage and protect client money when acting as an insurance intermediary and did not carry out accurate client money calculations and reconciliations, resulting in a £12.6 million shortfall in accounts, although no actual loss occurred to clients.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
Source of Data: (click here)