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IFAs protest while ICS and Towry make deal on law split

Towry Law and the Investors&#39 Compensation Scheme have agreed a deal to split the proceeds of any litigation taken over Advizas&#39 pension misselling liability.

Towry and its new owner AMP say they are talking to lawyers about the possibility of legal action against undisclosed parties over the purchase of Advizas from Hogg Robinson in January 2000.

Towry Law chief executive Douglas Black says: “We are considering our position with our lawyers. There is potentially litigation there, I cannot say against whom. We will split net proceeds with the ICS 50-50.”

The news comes as IFAs Hargreaves Lansdown and Chartwell Asset Management have threatened to withhold their ICS levies until they get an explanation over the ICS bail-out of AMP&#39s purchase of Towry to the tune of£30m.

Hargreaves chairman Stephen Lansdown has written to the ICS and the FSA demanding to know why his firm is being forced to pay for a rival still trading.

Lansdown says: “It is outrageous that this deal has been allowed to go through. In my view, the regulator has been incompetent in this matter. There is something amiss here. Somebody has to take responsibility.”

Chartwell director Martyn Laverick says: “I do not think that we should have to bail out the competition. Withholding our levy would be an option but we should enter into a dialogue with the FSCS and get to the bottom of this.”

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