FCA raised concerns with ACDs twice before Woodford collapse

According to the Daily Telegraph, the watchdog wrote to ACDs demanding they take action on both occasions but chose to keep this out of the public eye. It is not confirmed whether Link Fund Solutions, the ACD overseeing Woodford's failed vehicle, was one of the firms contacted. Poor due diligence on the appointment of new fund managers, deficient oversight of funds and limited understanding of charging structures are understood to have been some of the accusations laid at the doors of ACDs, along with poor risk management frameworks. An FCA review, concluded in 2017, led to new rul...