Thread: Wills and Co Stockbroker

Has anyone been affected by wills and Co stockbrokers and the fact they have ceased trading. The FSO say due to bad advice they gave to their clients. Does that mean I am entitled to compensation?

Possibly, it was however the FSA that told them to write to their client's, not the fos. The main point of issue seems to be all the AIMs shares which they sold. Give the FOS a call, they can't give you advice but if you feel the shares were mis-sold they will help start the complaints process for you

Originally Posted by cavecash

Possibly, it was however the FSA that told them to write to their client's, not the fos. The main point of issue seems to be all the AIMs shares which they sold. Give the FOS a call, they can't give you advice but if you feel the shares were mis-sold they will help start the complaints process for you

I was told to complain to wills first and then if they dont resolve the dispute contact the FSA. Where does the FOS come into it? A petiton was lodged by the FSA for the winding up of Wills on 28 April 2010 so I am not sure whether complaining to Wills is still appropriate.

FSA won't deal with a complaint, not sure why someone would say that. FSA may shut them down or take their authorisation but that does not stop complaints being made to them and ultimately the fos, however given the negativity towards the fos on this forum you might as well just go straight to the courts

what do you mean go straight to the courts?

wills and co are now being wound up. Forum members with claims against them for poor advice (for example) should now make them to the FSCS as they have now been declared in default. Some ex Wills clients may have notified claims before they got into difficulty, and these claims may have been notified to Wills' insurers, so there may be a direct claim against those insurers under the Third Parties (Rights against Insurers) Act 1930 if they fail to respond. The FSCS compensation is limited to £50,000. Hope this is helpful. Robert Morfee