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Possible bid for Towry Law

Beleaguered IFA Towry Law has admitted a substantial pension misselling liability and confirmed it has received a conditional takeover approach.

It is believed Australian giant AMP could be in the frame to acquire the IFA, as reported exclusively in Money Marketing on April 5.

Towry Law says the pension misselling liability resulted from its acquisition of IFA Advizas from Hogg Robinson in January 2000.

The IFA says it made a substantial provision for the liabilities recorded on Advizas&#39 audited balance sheet at £28m on September 20, 1999.

By December 21, 2000, Advizas had made a number of payments to reduce this provision on its balance sheet to £11m but further audits rev-ealed the liability had been underestimated. This led to the suspension of Towry Law&#39s shares on February 23.

Towry Law is now in discussions with the FSA and the Investors Compensation Scheme and the additional provision needed to meet liability is still to be agreed.

The IFA says it has received a conditional approach and the share suspension will continue until it can make a fuller statement.

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