View more on these topics

Towergate reveals takeover approach

Towergate Insurance has appointed Evercore and Rothschild as joint advisers after being approached about a possible takeover.

The firm floated the possibility of a sale in a short statement accompanying its interim management statement. The identity of the bidders and the potential timescale of any sale process have not been disclosed.

Towergate executive chairman Alastair Lyons says: “Towergate is a unique asset for someone to own in this industry.

“The approaches we have received underline this and are testament to the group’s strength in its primary markets. Whilst there can be no certainty that these approaches will result in a sale, it is our responsibility as a board to evaluate them thoroughly.”

Towergate owns advice business Towergate Financial and Paymentshield, which provides insurance products to mortgage brokers. Mortgage broker John Charcol is also part of the group.

Earlier this year, the firm revealed Towergate Financial is under investigation by the FCA over “issues” related to enhanced transfer value exercises and unregulated collective investment schemes. The company stopped advising on ETVs in Q4 2012.

Income across Towergate in the year to 30 September dropped marginally, from £332.5m to £328.5m.

Recommended

An-older-couple-outside-smiling-700.jpg
6

Advisers back Consumer Panel warning over ‘nightmare’ non-advised drawdown

Advisers have backed a warning from the Consumer Panel on the risks of non-advised drawdown sales, claiming they are an “absolute nightmare” without advice. Speaking at the Taxation of Pensions Bill committee hearing last week, Consumer Panel member Teresa Fritz said the prospect of growth in non-advised drawdown in the wake of the Chancellor’s Budget […]

MM Wired 4

MM Wired: What next for auto-enrolment?

https://www.youtube.com/watch?v=DeEjbMBdiMw What are the options post-2018, e.g. compulsion, auto-escalation, increasing minimum contributions What are the risks of raising contributions – will people opt-out? Should more people be included in auto-enrolment? Simplification – does Government need to make compliance easier for small companies?     Panellists: Moderator: John Greenwood, Editor, Corporate Adviser Jim Bligh, Head of […]

John-Lawson-MM-Peach-byline.png
3

John Lawson: The feast and famine of retirement income

If you had taken £50,000 pension savings and retired into drawdown under the new rules in 1999, you would have almost run out of money by now.  Meanwhile, £50,000 invested in drawdown in 2009 would be worth over £80,000 today, even taking into account 5.7 per cent annual income received over the last five years. […]

David Gauke MP
16

Treasury dismisses Steve Webb plan to ‘unwind’ annuities

The Treasury has dismissed pensions minister Steve Webb’s plan to “unwind annuities” claiming it cannot rip up existing contracts. At the Taxation of Pensions Bill committee hearing last week, Treasury financial secretary David Gauke said there has to be a cut off point for people accessing new freedoms, opening up a clear rift with his […]

Abe and Modi

India: Modi, reform and the oil price fall

Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com