Towry upholds 97% of asset transfer complaints

Fee-based wealth adviser Towry EJ has found in favour of the vast majority of clients who had complained over delays in transferring their assets away from the company, FSA figures show.

The business upheld 97% of 1,529 closed complaints in the second half of last year, according to the data.

However, the firm received more than 1,300 new complaints in the period as clients continued to be angered by delays in transferring their assets away from the business.

Towry Investment Management, meanwhile, received some 766 new complaints, with 649 closed.

Some of the 2,067 total 'new' complaints received by Towry between 1 July and 31 December 2010 may be duplicated in the 'closed' column if they have been resolved, the FSA said.

Towry, which acquired Edward Jones Ltd in 2009, says the vast majority of complaints came from ex-Edward Jones clients transferring investment administration and stockbroking accounts to another company.

In a note on its website, Towry said: "The integration of the two businesses (Towry and EJ) has resulted in a number of clients wishing to transfer their assets to another company.

"This led to some operational challenges in Towry, and the wider industry, and has resulted in a number of client complaints which we have resolved or are working hard to resolve. The vast majority of complaints have now been resolved to the client's satisfaction."

Last month, the FOS, which also publishes firm-specific complaints data, revealed Towry had some 349 complaints referred to it in the second half of last year.

Elsewhere, Sesame received a total of 795 complaints, mostly relating to decumulation, life and pensions.