FSA has publicly censured Wills & Co, a stockbroker, for continuing not to put customers first after earlier FSA disciplinary action. The firm is winding down and owes customers redress, so FSA did not fine it. It took away the firm’s permission to give advice and told it to write to all customers explaining this. Margaret Cole said it was shocking the firm did not honour its promise to FSA. It also issued statements of misconduct against the firm's sales and compliance directors who have undertaken not to hold senior positions in the industry for three and five years respectively.