Towergate Financial, the advice arm of Towergate Insurance, has been sold to Palatine Private Equity in a £8.64m deal.
The sales process for Towergate Financial, comprising TF Financial Planning and mortgage broker TF John Charcol, started at the end of 2013.
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The deal is slated to be completed by 20 March, subject to regulatory nod.
Towergate labelled the advice unit as a non-core element of the business owing to its different operational and risk profile as against the firm’s core insurance broking operations.
The firm also intends to phase out risks from its balance sheet in connection to a FCA probe into Towergate Financial.
According to the firm, "Given the ongoing investigation in relation to past advice provided by the Towergate Financial business on enhanced transfer values and unregulated collective investment schemes it was determined that the group should seek to de-risk itself from any future potential issues that might arise in this sector."
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