The FSCS says it has yet to decide which sub-class will bear the potential costs of compensating clients of private client stockbroker Wills & Co, which has been declared in default.
The compensation scheme today confirmed Wills & Co would be unable to pay claims against it, triggering FSCS protection for its reported 19,000 customers. If the FSCS decides to place the company, which earlier this year was stopped by the FSA from giving investment advice, in the same category as financial advisers, they will share the costs arising from any successful compensation claims in next year's FSCS levy. The FSCS says it is working with the firm's directors and the financial ombudsman (FOS) to ensure all complaints made against it are transferred to the compensation body. ...
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