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UK Private Client Stockbroker Ceases Trading, Hit By Regulator

Wills & Co, the private client stockbroker, has ceased trading amid financial troubles and an investigation by the Financial Services Authority, the UK financial regulator, The Times (of London) said yesterday.
The group, set up in 1883, fell foul of the FSA in October, 2007, according to a statement issued at the time on the FSA's website. The firm was fined for mis-selling financial products to clients.
The newspaper report said the subsequent cost of putting its house in order — by hiring one of the “big four” accounting firms and in defending itself from more than 100 legacy complaints — has put pressure on its finances.
Wills & Co’s website made no reference to its ceasing trading. The firm did not immediately return emails from WealthBriefing on the matter.
Wills’s 19,000 clients are gradually being passed to Pritchard Stockbrokers. All clients are being informed of any changes and the broker says that all investments are safe, the newspaper report said.