The Financial Conduct Authority (FCA) was made aware of concerns about Neil Woodford's investment strategy at his fund management business back in 2015, but did not act until nearly two years later, according to reports.
The Financial Times has reported that the regulator was informed about the running of Woodford Investment Management (WIM) when Nick Hamilton and Gray Smith, two of WIM's founding partners, left the business within its first year. Hamilton, who had been chief operating officer at Woodford's business, and Smith, chief legal and compliance officer, were interviewed by the FCA in January 2015 to explain their reasons for exiting but no further action was taken, according to "those familiar with the regulator's dealings with the company". Hamilton and Smith were said to be particularly co...
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