Towry Law

smallfry27

I'm currently looking at transfer to another ISA platform & IFA. I found a local IFA with all the personal touch we like, but buying the funds could cost up to 5%. With AMC of say 1.25% instead of Towry's 2% I won't break even until year 7.

When I mentioned the Towry backlog, he said it wasn't as bad as a certain company who regularly take 84 days to transfer funds. The FSA haven't done anything about them so I can't see them doing much about Towry.

johnmaynardkeynes

smallfry 5% is a little high, if they are an IFA they can negotiate on this, if they are not willing to negotiate then they should offer fee only advice, which depending on the size of your portfolio may be more cost effective, also not sure if you already have Towry ILM but if not then you could find a platform that will transfer in-specie which means no need to change individual funds.

big_pedro

Hi

I asked to move to another provider at end of March and after two months of call to local office head office etc no movement had been made on my transfer. I explained in e-mails that it was my intention to move my holding into corporate bond as a shelter from current volitility of the market and that I was not willing to place this business with them I have refused to sign the Towry client fee agreement. Once it became perfectly clear they were not transferring my funds I contacted FSA who passed on Nick Allcock's contact details in the compliance office in Towry. He gave me a undertaking that my funds would be transferred in 7/10 days on the 8th of June. Guess what no transfer yet. He now states that it will happen next week. I asked to sell some of my holdings and transfer the cash to me He agreed to this and I asked my new advisor to help choose which to dispose of. A few hours later he sent me an e-mail to inform me they would not trade on my account because the transfer is now going through. So i await completion next week with baited breath.

I have initiated an FOS regulated complaint and advise anyone else in the same position to do the same, when I asked for transfer the FTSE was at 5672 it's at 5100 today so 10% has been eroded from my portfolio because of their reluctance to transfer. I've spent many hours chasing this matter and feel that my time must be worth at least the same as their Wealth Advisor's (£250-00 per hour) after all I'm a company MD and don't have time to play these stupid games with the likes of Towry.

Would like to hear other opinions.

nxdmsandkaskdjaqd

I am in the same position as you, as I have been waiting for a S&S ISA transfer since April.

I have also complained to Nick Allcock's dept but their reply has no sincerity, substance or promise that anything is going to happen to move matters forward.

big_pedro

nxdmsandkaskdjaqd wrote: »

I am in the same position as you, as I have been waiting for a S&S ISA transfer since April.

I have also complained to Nick Allcock's dept but their reply has no sincerity, substance or promise that anything is going to happen to move matters forward.

Always remember under the FSA Guidelines you have the right to be treated fairly. If you feel you are not complain to FSA and FOS. This bunch of jokers are playing silly B2gg3rs with other peoples money.I don't care if they have issues with former employees it's my money and I'll put it where I choose. If they can't cope with the backlog of people trying to jump ship they should be made to employ enough staff to meet that demand.

big_pedro

binliner wrote: »

nxdmsandkaskdjaqd

Better still speak to Nick Allcock 01344828000 I spoke to him
He has assured me that dividends still with Edward Jones will be in my bank this week but I still await the transfer of shares
Complaints to the Financial Ombudsman but that is long winded and as a last resort

Nick Allcock personally assured me my funds would be transfered in 7/10 days earlier this month, guess what didn't happen. Prior to this I had been assured by different Towry employees transfer would take no more than 7 days dating all the way back to April.They have now barred access to my account because it is in transfer, with an undertaking to complete next week.

binliner

johnmaynardkeynes wrote: »

Binliner, reading other sources of info on the web will give you an indication that all is not well at Towry, they have allegedly got a huge backlog of transfers to complete and don't seem to be making a great deal of progress.

I would be tempted to draft a formal complaint to them with a view to alerting the FSA if they do not resolve your query very quickly, not sure if you have an ISA involved but their terms and conditions say 30 day transfer time, clearly you are way above this now.

Do you know if your transfer is to be done as cash or as stock?

ISAS transferred ok it the shares and outstanding dividends that are stuck

Unamused_Investor

Just got off the phone with Mr Nick Allcock my funds will be transfered by 3 oclock today. This is only because I have been like a thorn in his and his staff's side for a week, I called everyday, every two hours, I work from home so it was easier than it will be for some, and escalated the complaint.

I have been subjected to delaying tactics ever since my FA started this ball rolling in February, he is ex Edward Jones and they treat him like mud, so I took up the gauntlet last Thursday and as the client I had a bit more clout. The worst delaying tactic is that they send emails all over the place and then lose them so ask to be added to the mailing list, I did and it works wonders when they say they have'nt got copies and you forward it to them...

Nick Allcock is on 01344828152, this is his direct line, he will try to send you back to an administrator but inisit it is he you need then call him as often as you can. And make notes, because he does and he refers to them regularly. if you get a James Collitt he is a gatekeeper who you really need to be nice to in order to get to Nick.
his email address is nick.allcock@towrylaw.co.uk

I am now in the process of putting a claim together to reclaim my expenses.

Give them some grief it maight just work, remember this is your money.

ExEdwardJonesAdviser

I have over 140 clients who have waited over 90 days to have their assets transferred. This is unacceptable.

Towry sent all ex Edward Jones clients terms and conditions of business in late April, these "replaced" the original terms and conditions clients had with Edward Jones. In both terms and conditions the companies said that should a client wish to transfer their ISA funds out then this would be done in 30 days. Clients would have to pay £58.75 in a fee to have the ISA fully transferred as per the terms and conditions. Clearly Towry have just totally ignored this condition that they themselves promised to clients.

Any client who has not had their ISA's transferred in that time should ask for the fee back as the contract has been broken. If the client can show that they have been financially disadvantaged in any other way then they should ask for this amount also.

I am convinced that Towry, who are actively looking to launch themselves on the stock market, are putting current shareholders interests over and above the basic rights of clients to have access to their own money. This has to stop now.

Clients are not being treated fairly by Towry and the poor treatment is causing lack of confidence in the financial system. It is a statutory objective of the FSA to "maintain confidence in the UK financial system". Towry's culture seems to flout this objective and I do not understand how they are able to continue to treat clients in the way that they have. This type of treatment should not go on in our industry and I would encourage anyone who feels strongly about the matter to complain in the first instance to Towry and, if necessary, to the Financial Ombudsman.

binliner

After months received dividends on friday-Have again written to CEO Andrew Fisher but that gets passed to Nick.Have also sent in official complaint to Ombudsman