Further to an investigation by the UK Financial Conduct Authority ("FCA") into certain breaches of the FCA’s Rules and Principles concerning the treatment of client and insurer money during the period June 2005 to December 2013, Towergate Insurance has today 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. As previously disclosed, Towergate proactively informed the FCA when it independently verified the key issue in 2013.
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.”