Consultant and staffing costs surpass £510k at Woodford IM as a result of FCA investigation

According to the year end accounts, the only two remaining members of staff split wages and salaries of £510,250, along with social security costs of £119,204 and other pension costs of £29,000, for a total remuneration of £658,454 divvied up between the directors. The accounts represent the first full year with no funds under management at the investment firm, following the collapse of Woodford Equity Income in October 2019. Over the course of 2020/21, Woodford Investment Management recorded pre-tax losses of £4.5m, although this was largely covered by a warrant reserve of £4m, which...