Stockbroker adds £4m to investment advisers' FSCS bill

City Equities entered administration and was declared in default in October 2013, after the Financial Conduct Authority (FCA) ordered a skilled person review - known as a Section 166 - be carried out on the firm. The FSCS said last year it had seen increasing numbers of claims received in relation to alleged negligent advice given by the stockbroker, particularly advice given to clients to invest in shares listed on the AIM market. The FSCS has said it will accept claims for compensation where there is evidence that City Equities gave negligent investment advice or failed to ensure th...