In articles entitled “How not to handle the trail question” and “Where’s the service for the trail cash” published in the issues of Money Marketing on 26 November and 3 December we wrongly stated that by accepting trail payments from providers, Towry Law were required under pre-existing contractual obligations to provide ongoing advice to clients and to service those accounts which they were failing to do.
We accept that Towry Law are under no such obligation and it was wrong to have suggested to the contrary. We are also happy to accept that reference to the FSA in this context was misleading and inappropriate.
We wish to apologise to Towry Law and its chief executive, Andrew Fisher, for any embarrassment caused. We are happy to set the record straight.