FSA gives Wills & Co investment advice ban
11 April 2012
Troubled small-cap stockbroker Wills & Co got a slap on the wrist today. The FSA has banned it from giving investment advice and said it would have fined it £1.5 million were it not already winding down.
Wills was reprimanded for "poor sales practices", "not monitoring its advisers" and failing to handle customer complaints properly.
Statements of misconduct were issued against directors Darren Lansdown and Katharine Prichard.
Wills was fined £49,000 in 2007 for similar failings. The FSA's Margaret Cole said: "It is shocking that Wills & Co still failed to put its customers' interests first."
About 11,000 Wills customers are to have their accounts moved to The Share Centre.
