View more on these topics

Towry hit by exodus as two branches are closed

National IFA Towry Law faces a further exodus of senior staff as closes it Leicester and Edinburgh branches.

In the last three weeks, four branch managers at the London, Bristol, Leicester and Cambridge offices have resigned. Two senior managers and two consultants in the Bracknell head office have also left.

Towry&#39s discretionary fund management service has been suspended after the resignation of a key person. The director of Professional Connections, its business relationship arm responsible for forging links with solicitors and accountants, has been made redundant.

According to a former Towry insider, all the moves have been made because AMP has demanded that the IFA finds £2m in savings although Towry disputes this. He believes that further branch closures are in the pipeline.

The former employee says he decided to leave Towry because of the large number of former tied agents being recruited. He says: “There is a serious issue over the dumbing down of Towry Law and a noticeable increase in the recruitment of former direct salespeople.”

Towry Law UK managing director Miles Standish denies that there are any further cuts coming.

He also says the closures are not due to an AMP cost-cutting exercise. Standish says: “Towry Law is committed to the branch network. We have done a thorough review of the branch system. There are not going to be more branch closures.

“We as a company have to improve our profitability. AMP has not been involved at all in saying that we had to hit a certain figure.”

Recommended

Genesis Home Loans 3-year buy-to-let fixed

Genesis Home Loans, buy to let fixedFixed term: three years Fixed rate: 6.49%Minimum loan: £40,000Maximum loan: £300,000Income multiples: 3.25 +1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during fixed periodConditions: rental income must be 130% the SVRIntroducer&#39s fee: refer to packagerTel: 01832 275 044

GPPs raising the stakes?

Nigel Stammers, pensions strategy manager, Clerical MedicalMartin Clarke, general manager(marketing), CISMartin Birks, asset accumulation leader, RSA I s the FSA right to raise concerns over the sales of GPPs which have continued to flourish since the launch of stakeholder?Nigel Stammers: It is not surprising that the FSA wants to understand why this is happening but […]

Property prime time is over with 5% rise forecast

Residential property will only increase in value by 5 per cent this year, almost two-thirds less than 2001&#39s 14 per cent growth, says broker FPD Savills.Its latest research bulletin claims weaker economic growth, falling employment and slower increases in household income are acting as drags on house prices, but it predicts increases of 7 per […]

Newton – UK Opportunities Fund

Friday 18 January, 2002 Type: Oeic. Aim: Growth by investing in 40 to 50 UK companies. Minimum investment: Lump sum £1,000, monthly £50. Investment split: 100 per cent invested in 40 to 50 UK companies. Isa link: Yes.Pep transfer: Yes. Charges: Initial 4 per cent, annual 1.5 per cent. Special offer: Initial charge reduced to […]

Jelf flexible benefits

In Focus: How to choose a flexible benefits provider — seven top tips

Jelf Employee Benefits looks at some of the key considerations employers should think about when reviewing and choosing a flexible benefits provider. Choosing the right benefits for your employees is one thing but delivering a successful employee benefits strategy is about understanding the complete picture and delivering it in a personalised way so that it resonates with each and every individual in your business. 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment