Insurers pay out to Ardonagh over ETV and UCIS schemes

Over the mis-selling of financial products Ardonagh have received at least £400,000 from their professional indemnity insurers. Towergate Financial, one of its former subsidiaries, mis-sold their services by giving poor pension advice to customers. Ardonagh had previously said that they could claim up to £12m from their professional indemnity insurers and have been in pursuit of its insurers since. moreover, during the group’s quarterly report they revealed that £400,000 had been received from the PI insurers up to March 31st of this year. In order to make the situation right, Ardonagh has acquired illiquid assets that were held by the claimants. The Ardonagh Group has made attempts to figure out the value of the assets to outweigh its costs. thus far, according to the quarterly report, Ardonagh have recovered £900,000 as a result of the sale of illiquid assets. A further £500,000 was made from the business vendors that had been formerly acquired by Towergate Financial. Towergate Financial mis-sold enhanced transfer value (ETV) schemes, which are a process for transferring pensions, and unregulated collective investment schemes (USIS), which enable investors to collaboratively invest in projects. The mis-selling occurred under previous management to the ones currently leading the business.

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