The Share Centre has confirmed it will take over management of the 11,000 accounts from Wills & Co stockbrokers after the company announced it was closing.

It comes after the FSA stripped Wills & Co of the ability to provide investment advice and banned its two directors for providing poor risk warnings and misleading information to its high-risk penny share customers.

Gavin Oldman, chief executive of The Share Centre, said, the company was working closely with Wills & Co to ensure a smooth and speedy transition of the accounts.

He explained, ‘We look forward to providing these new customers with the same high quality, self-select share service our existing customers enjoy. As one of the UK's leading retail stockbrokers, new customers of The Share Centre will have access to other services, including ISAs, Child Trust Funds and our Regular Investment Service.

‘Plus, they will be able to take advantage of our online investment research and register to speak to our in-house advice team at no additional cost.'

Customers affected by the acquisition will be contacted in the first instance by Wills & Co. The Share Centre will then introduce itself via a customer mailing soon afterwards.

Investors requiring more information on the acquisition and how it might affect them should visit www.share.com/wills.