IFAs to shoulder 'minimum' £11m Wills & Co compensation

The FSCS has decided to place the company, which was declared in default in July, in the investment intermediation sub-class, meaning any costs relating to successful client compensation claims will be levied on advisers. Early indications suggest minimum compensation could be as much as £11.4m. The FSCS has so far received 1,400 claims in total, but has only dealt with 80. Each claim is capped at a maximum of £50,000, but payouts so far have reached £650,000. However, the compensation scheme stresses it deals with claims on a case by case basis and says it is too early to say how muc...