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Release Date: 13th July 2016

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Timothy Duncan Philip £60,000 and prohibited him from having direct responsibility for client and/or insurer money in any regulated activity. This action results from breaches of Statement of Principle 6 while he served as a Director at Towergate Underwriting Group Limited (TUGL) from 23 August 2010 to 29 June 2012.

Reasons for the Fine:

Key Takeaways for Other Firms:


The FCA’s action against Timothy Duncan Philip highlights the critical importance of adhering to regulatory requirements and maintaining robust internal controls for handling client and insurer money. Firms must ensure their senior managers are competent and capable of managing these responsibilities to avoid significant penalties and maintain the integrity of the financial system.

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