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Hi Eyecatchers,

I think the most remarkable new slant on all this comes from one of the people at Wills that the FSA penalised. She is the company's compliance director Katharine Prichard, who has been barred from holding any top job in an authorised firm for the next five years.

Despite all the bad publicity Wills has had from the Mail on Sunday, she has given them an interview.

She is quoted as saying "I have completely taken my punishment. I have no angst with the FSA. I was happy to be paid money. I didn't do my job well enough. I am not moaning about that at all. I am actually very happy to be out of it."

Apparently she was brought into Wills in 2007, when the FSA was investigating complaints that led to the firm being fined £49,000. The article alleges there was no plan to deal with similar complaints, that were hidden.

She says "Had I known when I joined what the legacy issues were – there were already hundreds of complaints in at that point that had not been dealt with at all, they had been buried – then it would have been a very different picture. Even I would have worked out that this might not be the right thing to do!"

There are quotes from Peter Shakeshaft as well, but they have already been summarised on this thread. Basically he is saying that unless the FSA eases off, there is no future for stockbrokers in Britain.

His position in this is intriguing. He is chief executive of the parent company of Wills, but it is authorised only to do corporate business according to the FSA register, and not the retail broking business that has now been stopped.

The Midas Extra story refers to Katharine Prichard's "failure to convince Wills to halt dubious sales tactics", which leads to the question of who exactly she failed to convince, since she herself was in charge of compliance.

It can't be Peter Shakeshaft as presumably he had no "hands on" role at Wills and Co Stockbrokers or the FSA would have taken action against him too.

In case anyone at Motley Fool is nervous about copyright, let me add that I contacted the Mail this afternoon and they agreed to the quotes that appear above as they are a small part of a very much larger article.

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