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Edward Jones clients in row over Towry dividend payments

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.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 22nd July 2010 at 2:19 pm

    Isn’t all this about as un-TCF as it’s possible to be? Why isn’t the FSA doing anything about it? It isn’t even as if Towry Law’s a bank, for heaven’s sake!

  2. If you feel thatyou have the same problems as John Philippson and Mr & Mrs Mahany than please do support our petition at:
    http://www.treatingcustomersshabbily.co.uk

  3. In an article in the Telegraph the other day Towry stated “To reiterate, Towry continues to make all payments to clients on a monthly basis which is in line with the rest of the industry.” Now in the above article Towry say that “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.” Bottom line of this would be the client not getting their dividends when they expect and have a right to them. Compounded by the fact it is Towry’s responsibility to ensure that the registrar has got it right be able to pay what was promised to the client.

    Yet again how can clients or the industry believe anything Towry says. Why don’t the media pick up on these obvious contradictions. This story is bizarre and very very worrying.

  4. Barclays commenced my shares ISA transfer procedure from Edward jones on 18 March 2010. No action so far.

    Has any Edward Jones client had success in making a transfer since the takeover by Towry?

    Has the FSA audited the work of Towry since the take over and if so what was the result?

  5. I have just received a notice from Towry indicating their terms for “liquidating” or transferring funds.

    I think that it is a downright disgrace the way first Edward Jones and then Towry have treated bona fide small investors. The charges they are proposing for small ISA accounts are clearly punitive and bear no relation to their administrative costs.

    My wife and I are pensioners and have not received any dividend so far this year.

    Why can’t FSA control and expose this kind of corporate behaviour or are they just toothless tigers ?

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