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Comments
Is This Good News?
Great to hear Ascentric saying more positive things about Towry. However .......... Towry implied publicly that the transfers would be complete by the end of July. It is now obvious that they have only just started to process the backlog, not that it is complete. Clients were promised in their terms and conditions many months ago that the transfers would be done in 30 days. Now they learn that the process is just starting? What are they supposed to believe now? Just on £75 million that Ascentric say was delayed, forgetting about all the other platforms etc. that are due to receive transfers, there is roughly between £20,000 to £30,000 of trail commission for a month for Towry whilst they still have custody. Where is the good news in that?
Posted by: Anonymous
Where are we now?
Ascentric said in this article that the backlog would be sorted within four to six weeks. I had over £3.3 million in client assets waiting to transfer at the beginning of August. It is now down to £2.7 million. Good to see it has reduced but still a massive way to go. Why is this the case? Why are we not close to a resolution? Why does the media seem to ignore this story? It's not just the transfer issues it is clients still not having been paid dividends and/or interest from Towry after many months.
Posted by: Anonymous