The Financial Conduct Authority (FCA) has issued a warning notice to Neil Woodford and Woodford Investment Management (WIM), accusing the firm and manager of a variety of liquidity-related failings in relation to the former Woodford Equity Income fund (WEIF).
According to a statement from the regulator, WIM breached Principle 2 of the FCA's Principles for Business, by "failing to act with due skill, care and diligence in the conduct of its business". It also said Woodford breached Statements of Principle 2 and 6 of the FCA's Statement of Principle for Approved Persons in relation to his roles as CF1 director and CF30 customer at the firm. The regulator argued the investment firm failed on four counts between 31 July 2018 and 3 June 2019, with each related to liquidity. Among these, the FCA argued the fund house made "unreasonable and i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
