The financial ombudsman (FOS) dealt with almost 400 complaints relating to collapsed stockbroker Wills & Co in the first half of the year, finding 99% in favour of the consumer.
According to data published today by the FOS, there were 387 investment complaints referred to it about Wills & Co in the first six months of this year. The stockbroker was declared in default in July by the FSCS after the FSA banned the company from giving investment advice in January. It was fined £49,000 by the FSA in 2007 after being found guilty of mis-selling penny shares. In the first half of 2010, banks and insurers continued to dominate the complaints figures. Five financial services groups continued to have more than 3,000 complaints each, which together accounted fo...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes