View more on these topics

Towergate buys Glasgow firm MacDonald Reid Scott Group

Towergate has bought Glasgow-based insurance broker and financial advice firm MacDonald Reid Scott Group.

The latest acquisition, announced today, further strengthens its presence in Scotland, having picked up JW Group last year and McAra Associates and Albannach Financial Management in January and February respectively.

MRSIB specialises in property, liability and commercial motor insurance, with premiums in excess of £9m. It is run by managing director Bernard Dunn.

MRSFS is an employee benefits and wealth management adviser, led by managing director Douglas McIntyre.

Both teams will entirely move into Towergate, with the latter being integrated into the newly formed Towergate Financial Services.

Towergate Financial Services chairman Patrick Snowball says: “MacDonald Reid Scott Financial is a great addition to Towergate Financial Services. We have exciting plans to expand our presence in Scotland through the acquisition of well run IFA businesses as part of our new model for this market”.

MFSFS chairman Ian Scott says: “This is a very exciting new phase in our development. We have built our business on our commitment to offering a very competitive and compelling proposition to clients”.


Mortgages remain outside RDR

The FSA has ruled out implementing the RDR in the mortgage market in light of current conditions but is keeping an open mind for the future.

Persimmon halts new starts

Housebuilder Persimmon has postponed starting work on its scheduled new sites after it revealed a slump of 18 per cent in sales volumes this year.

Distribution points

Reduced consumer confidence is having an impact on investment and mortgage sales for advisers at a time when the regulatory burden is increasing.


News and expert analysis straight to your inbox

Sign up


    Leave a comment