Towry compliance head in shock exit

Nick Anderson, head of compliance and risk at IFA Towry, has made a shock departure from the firm a week after it was fined nearly half a million pounds for misleading the Financial Services Authority (FSA).

Towry confirmed Anderson had stepped down but would not say why.

In a statement a spokesperson said: "Towry cannot comment on decisions made by individuals.

"We would like to thank Nick for his contribution and tremendous amount of hard work whilst at Towry, and we wish him every success in the future."

Last week FSA fined Towry £494,000 for client money breaches and misleading the regulator.

The FSA found Towry posed a risk to client money by failing to keep adequate records, breaching Principle 10. It also failed to identify this problem, and misled the FSA over its procedures, breaching Principle 11

Anderson was responsible for the compliance, risk management, training and competence and legal functions within Towry.

He joined the firm in 1998 and previously worked in other compliance roles, having trained as a lawyer. He has also served as an officer in the Royal Navy.

Anderson holds a postgraduate diploma in Financial Services Law and an MSc Masters degree in Financial Regulation and Compliance Management.