The FSA has forced stockbroking firm Wills & Co to retrain its advisers and prevented it from giving investment advice because of poor sales practices.
The action comes after the regulator fined the firm £49,000 in 2007 for compliance failings and giving misleading information. A later inspection in May 2008 found the same failings, despite assurances from the firm the necessary changes had been implemented. A subsequent review found failings in all transactions, with the FSA concluding customers were at risk from receiving unsuitable advice. The regulator says it told Wills & Co to engage an external consultant to retrain and monitor its advisers and has stopped it providing investment advice in order to protect customers. Wil...
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