Gains Clark

Have you lost money trading with Wills & Co Stockbrokers Limited (Wills & Co)?

Wills & Co StockbrokersLimited (Wills & Co) is in default, which means the FSCS can consider claims against the firm.Declaring a firm in default is the final part of a process in which a firm regulated by the Financial Conduct Authority (FCA) has been found by the FSCS to be unable, or likely to beunable, to payclaims against it.

In February 2010, the FCA (FSA at the time) confirmed that it had stopped Wills & Co from giving investment advice,and the firm began the process of winding down its business and transferring its customers to otherFSA regulated firms. In March 2010, the FSA lodged a petition for the winding up of Wills & Co in theHigh Court.

The UK financial regulator also noted that Wills & Co failed to handle its customer complaints properly.

“It is shocking that despite previous action, Wills & Co still failed to put its customers interests first.  The FSA has made no secret of the fact that it expects higher standards of customer treatment in the stockbroking sector”, FSA Director of Enforcement Margaret Cole commented. “What makes this case particularly serious is that the firm was fined by the FSA and promised the FSA that its treatment of customers had improved when that was plainly not the case”.

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In the FSA’s statement, it said that Wills & Co would have been fined £1.5 million, had it not been in the process of winding down its business. Previously, in October 2007 the FSA fined Wills & Co £49,000 for giving poor risk warnings and misleading information to its high-risk penny share customers.

  • Did you trade with Wills & Co Stockbrokers Limited (Wills & Co)?
  • Did you trade high-risk penny shares with Wills & Co Stockbrokers Limited (Wills & Co)?
  • Would you like to find out if you are entitled to compensation?

YOU ARE NOT REQUIRED TO PROVIDE ANY HISTORICAL DATA TO MAKE A CLAIM – WE CAN LOCATE THIS FOR YOU!

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