An FSA official has admitted that the role of the ICS in taking on
£30m of Towry' Law's liability must be urgently debated.
Head of relationship management investment firms division Robert Aitken
made his comments under pressure from IFAs during a question and answer
session at M&E Network's annual conference. He said: “We need to look at
the ICS and can't keep hammering the industry. We need to redebate
An ICS spokeswoman says: “While we are accountable to the FSA, we are
operationally independent. The regulator was involved in the discussions.”