A Claims Management Company

Mis-Sold investment - Wills And Co

Latest Update: 29th June, 2010 (Financial Conduct Authority)

Case Points

Total amount invested

Unknown

Why did people invest in it?

Wills and Co Stockbrokers Ltd was formally incorporated April 1959 with Companies House. It can trace its roots to 1883 when founded as the financial arm of the Wills Tobacco Empire.

Why was it mis-selling?

Wills and Co was fined by the FSA in October 2007 for failing to ensure customers understood penny stocks. In February 2010, their FSA authorisation was halted.

Potential value of cases

Unknown

Summary

Wills and Co Stockbrokers was one of the oldest stockbroking firms in London. It was originally founded in 1883 by Grahame Wills in Bristol. He intended it to form the financial wing of his tobacco empire, and it was based in the City of London, and was a member of the London Stock Exchange.

The firm was officially registered in April 1959 in its current form, and was regulated by the Personal Investment Authority between 1994 and 2001, before moving to the Financial Services Authority in 2001. It remained under FSA regulation until 2010.

Wills and Co received a major fine of £49,000 from the FSA in October 2007. This fine was related to the sale of penny stocks, and a failure to ensure its customers understood the risks. The fine was also related to the failure of the firm to be clear and fair when issuing advice over shares.

The firm then informed the FSA that they had made significant changes to their processes to prevent the recurrence of these issues. When the FSA subsequently made a visit to the firm in 2010, they discovered that they had not resolved the issues highlighted that had caused the fine in 2007.

In a pair of notices issued in February 2010, to protect consumer interests, the FSA required Wills and Co to engage an external consultant to prevent their advisors acting against customer interests. They were then banned them from offering investment advice.

In August 2010, the firm entered into a Corporate Voluntary Arrangement or CVA, but when this failed in May 2011, Wills and Co were entered into compulsory liquidation. The firm was formally terminated as of 20th February 2015.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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