View more on these topics

Towry plea for more time to pay costs is refused

Towry’s request for additional time to pay the first half of Raymond James’ £1.2m court costs has been refused after it was already allowed a seven-day extension by the defendants.

Towry was ordered to pay Raymond James’ full legal costs of £936,936 plus VAT. Normally it would have 14 days to pay the first 50 per cent but because of the size of the fees, Raymond James agreed to extend this to 21 days.

Following the verdict in the High Court in London on Tuesday, Towry QC Adam Tolley said “a sum of over £500,000 is a very significant amount” and asked for it to be extended from 21 days to 28 days.

Defence QC Chris Quinn replied: “I would have thought that a company the size of Towry would find no difficulty in finding £500,000 within 21 days.”

Towry argued it should only have to pay an appropriate percentage of the defendant costs which it claimed were “manifestly excessive”. The judge dismissed this argument, with Towry ordered to pay full costs to be assessed on an indemnity basis. Raymond James pointed out that each defendant could have sought their own legal team rather than using one joint counsel.

Towry refused to disclose its costs for the case.


Helm Godfrey launches small pots annuity service

Helm Godfrey has launched an annuity advice service for people with small pension pots. The adviser firm’s iRetire service offers customers with pension pots of £20,000 or more advice on their retirement options. Helm Godfrey has also partnered with MorganAsh, who will provide an enhanced annuity shopping around service to iRetire customers. Helm Godfrey managing […]

Galvin vows help for DB schemes to plug deficits

The Pensions Regulator chief executive Bill Galvin says he will ease the funding requirements on defined-benefit pension schemes in April as tumbling gilt rates push up deficits. In an interview with Money Marketing, Galvin says TPR will release a statement in April detailing the measures to help schemes struggling to close soaring deficits. Over the […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. Towry tried to ruin the lives of these advisers. They would have lost everything if they’d lost this case. It’s very nasty of a company to do this and it seems that they’ve got what they deserved and the judge is punishing them for their nastiness. They only paid £1 for Raymond James and so, so what if 400 clients move on?
    Mr Fisher seems to always be in the press in relation to bad news for Towry – why don’t they just sack him?

  2. Having had personal experince of Towrys rush to threaten legal action for even minor issues they should have made provision for losing the case. Good on the judge, serves them right !

  3. £500,000 is almost exactly just one month’s worth of Towry’s free trail commission of £6m p.a. on the EJ book that it took off EJ’s hands for a token £1 and in respect of which, apparently with the assent of the FSA, it provides nothing in the way of any servicing or reviews (unless, of course, it gets a sniff of some extra money that it may be able to shovel into TL’s own decidedly less than stellar range of funds).

    So on what basis might TL be pleading hardship in having to come up with the money sooner rather than later? TL is obviously intent on trying it on every last step of the way. You got a bloody nose, Towry, so just face up to it and pay what you’ve been ordered to.

  4. Bully-boy tactics and thankfully the bully has been brought to justice. Towry clients be aware. Do you really want to deal with such an unpleasant company? rt ‘good on the judge, serves them right !’
    There are enough clients to go ’round. Let this be a lesson to the other bullying fascists in the industry…..Life’s too short

Leave a comment


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