Towry and wrap platform Ascentric have locked horns over delays in transferring assets between the firms, which are now spanning into several months.
Ascentric managing director Hugo Thorman says the delays are down to Towry because it is failing to provide the full details to allow client transfers. He says: “Unfortunately, Towry have not provided the details we require of how many units belong to which clients to reconcile with the total nominee holding.”
But Towry head of marketing Peter Foster says: “Why would we do that? It does not make sense. Ascentric are getting pressure from their advisers.”
Foster says the delays are due to “reconciliation issues” that are being processed by platforms such as Ascentric.
Hundreds of former Edward Jones clients requested to transfer away when Towry bought the firm, triggering a backlog. Towry says the backlog has been cleared and now only the reconciliation issues remain.
Bedford-based investor Paul Gallagher says he and other family members have been waiting for more than four months.
He says: “Ascentric have their version of the situation and Towry have there’s. All I know for certain is that people like myself, my brothers, mum and no doubt many more have been stuck in limbo for months while this toing and froing plays itself out.”