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Towry Law leaves a sad legacy to the industry

As a former employee and director of the Towry Law Group for over 16

years,I am saddened by the fact that the legacy being left to the financial

services industry by Towry Law would appear to be a misselling liability of

£30m, which will have to be picked up by other IFAs, including myself,

via the Investors&#39 Compensation Scheme.

Clearly, as the purpose and presumably only remit of the ICS is to

compensate investors only when any appropriate liabilities cannot be met

from company assets or the companies&#39 professional indemnity policy, one

would think that the shareholders of Towry Law would receive absolutely

nothing from the £75.7m payment for the company by AMP.

It would appear that MP Paul Flynn is asking questions in Parliament about

the role of the ICS in the sale of Towry Law to AMP, with the response he

receives certainly being of interest to the IFA community.

If it is established that any residual benefit of the sale has passed to

the shareholders of Towry Law and that this action is without the

remit/authority of the ICS and the PIA, there will certainly be at least

one formal complaint being made to the PIA/FSA.

David Horne

Macdonald Horne,

Glasgow

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