Former Edward Jones’ clients are claiming they are no longer receiving dividends from Towry Law after requesting their funds to be transferred away from the firm.
Last week, Money Marketing revealed disgruntled Towry clients have petitioned the Government to force the FSA to take action after delays on transfer requests have continued for over four months.
One couple, Mr and Mrs. Mahany, say: “We decided the Towry system was not for us and signed documents to transfer investments in early April. We have had no replies to enquiries, no statements, no income and no control over our own money. We feel extremely badly treated.”
Another investor, John Philippson, says: “Despite being three months on from our original request for transfer, we have had no actual transfers or dividends and, as a pensioner, I need them.”
Towry Law head of marketing Peter Foster says dividends can be sent to the wrong place if information held by the registrar has not been updated.
He says: “Dividends could be sent to Edward Jones USA because that is the information the registrar has. We have to then go back to the registrar and ask for the dividends to be reissued.”