Error spotted during broker’s work to centralise client money processing
Towergate “misallocated” £15m of client and insurer money between November 2007 and January 2011, the broker revealed in its third-quarter bondholder report this morning.
The company spotted the error after starting a programme this year to strengthen the control framework and centralise the processing of client money.
As soon as it confirmed the error, Towergate said its management transferred £15m back into client and insurer money accounts and notified the FCA.
The adjustment will not affect Towergate’s cash, profit and loss or net asset position for the first nine months of 2013. However, it will increase group net debt by £15m and the leverage by 0.1.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
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