UK Financial Conduct Authority(FCA):
* Fines Towergate and former director Timothy Philip for client and insurer money failings
* Has today fined Towergate Underwriting Group Limited 2.6 mln stg for failings in relation to its protection of client and insurer money
* Found today that Towergate failed to comply with CASS rules and principles 3 and 10 of FCA’s principles of business
* Fined former Towergate client money officer and director Timothy Philip 60,000 stg; banned him from having direct responsibility for client, insurer money
* Philip was a director at Towergate and finance director of one of its intermediate parent companies between Oct. 2005 and June 2012 and was Towergate’s client money officer
* Mr philip agreed to settle at an early stage of authority’s investigation Source text for Eikon: (bit.ly/29ON9iL) (Bengaluru Newsroom)
