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Release Date: 13th July 2016

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Towergate Underwriting Group Limited (TUGL) £2,632,000 for significant failings in handling client and insurer money between 29 June 2005 and 31 December 2013. The investigation revealed a shortfall of £12.6 million in TUGL’s accounts due to inadequate systems and control weaknesses. TUGL’s failure to properly segregate and reconcile client and insurer money, along with other breaches of the Client Assets Sourcebook (CASS) rules, placed client and insurer funds at risk.

Summary of Reasons:

Key Takeaways for Other Firms:


The FCA’s action against TUGL underscores the critical importance of adhering to client money regulations and maintaining robust internal controls. Firms must prioritise the protection of client assets to ensure compliance with regulatory standards and avoid significant penalties

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