As one of Towry's clients, we think they're treating us very shabbily. And we think that there may be a lot more of Towry's clients who think the same. Are you one?
Then add your voice to the Petition!
"We the undersigned, as Towry customers, request the Coalition Government to instruct the FSA to take enforcement action on Towry under its obligations to "Treating Customers Fairly".
WHAT DO THE FSA SAY?
"Treating customers fairly (TCF) is central to the delivery of our retail regulatory agenda, which aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal." [READ MORE]
TCF Outcome 5: That consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
TCF Outcome 6: That consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
TOWRY Investment Management fined nearly £0.5Million for misleading the FSA
The Financial Services Authority (FSA) has penalised TOWRY for failing to respond accurately to a letter it sends to regulated companies requiring them to confirm they understood regulations related to client money.
Towry Investment Management Ltd has received a £494,900 fine after it misled the FSA in its response and was subsequently discovered to be in breach of client money regulations.
The regulator says Towry’s breaches could have placed clients’ money at risk if the firm had become insolvent because it failed to maintain adequate records.
The company did not recognise it had breached the Client Asset Sourcebook rules until the FSA visited the firm in November 2010.
The FSA adds there has been a high level of awareness in the financial services industry of the importance of handling client money properl .........
[read more]
Towry Whistleblowers - here's an easy, confidential way to get in touch ... CLICK HERE
WHAT DO YOU SAY?
Our latest Petitioners:
WHAT ADVISORS SAY
Our latest Advisor Posts:
WHAT OUR BLOGGERS SAID
What can clients' do? What should the FSA be doing? How quickly are clients' receiving settlement. And lots more.
An IFA company at the sharp end shared its thoughts and counted down the value of client's assets yet to be fully transferred.
LATEST POSTS:
LATEST COUNTDOWN VALUE:
WHAT DOES ANDREW FISHER SAY?
02 August 2010
He claims that Towry have cleared the backlog of asset transfers within the four weeks deadline it set itself, but said that platform re-registration difficulties will cause delays for assets to reach their recipients.
Towry's Head of Marketing Peter Foster said "The backlog is clear now. We have done everything we can do."
Yet Andrew Fisher admits that "Platforms have backlogs of many months".
Source: Citywire - read
the full article
WHAT DO WE SAY?
YOU CAN'T JUST WASH YOUR HANDS OF US YET, MR FISHER!
Until a clients' transfers are finalised you still have custody of the investments. And that means that you are still responsible for providing an accurate statement of account and you are still responsible for paying our dividends on time.
95% of petitioners tell us that they are now less trusting or a lot less trusting of the Financial Services industry to manage their savings and investments well.
How could the FSA have stood by and let this happen?
OUR COMMENTS
Towry judge on Fisher: Abrasive, self-confident, confrontational
Towry judgment: Judge criticises 'argumentative' Towry evidence
WHAT DOES THE FSA HAVE TO SAY NOW ABOUT THIS MATTER?
SO WHY DID WE HAVE TO WAIT OVER 2 MONTHS FOR NEWTON DIVIDEND PAYMENTS?
ARE YOU ONE OF THE 6,000 WHO HAVE JUST BEEN GIVEN THE COLD SHOULDER BY TOWRY?
HAS TOWRY EVEN FOOLED GEORGE OSBORNE MP INTO THINKING IT'S ALL OVER?
TOWRY'S IIM CLIENTS JOIN THE ANGRY PROTEST
CAN WE STILL TRUST TOWRY WITH THE CUSTODY OF OUR ASSETS?
WHAT'S THE PRESS SAYING?
For a range of views and thoughts, provided by the media industry:
CLICK HERE
WHAT DOES YOUR MP SAY?
Why not write and ask them?
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