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 has proactively informed the FCA when it independently verified the key issue in 2013.

John Tiner, Chairman Towergate

John Tiner, Chairman Towergate

John Tiner, Chairman said:

While this issue is historic, isolated, and had no financial impact on any clients or insurer partners, it does not excuse the fact that the Company failed to live up to the high standards we expect of ourselves at Towergate and we deeply regret it occurred.

The Company fully accepts the conclusions reached by the FCA, and the Board is pleased that the Regulator has recognised the Company’s transparency and assistance throughout the process. Since identifying the issue, we have made a number of fundamental changes to our governance and control environment.

The FCA findings allow us to close the matter, and maintain our focus on continuing to build a better business.”

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