The Financial Conduct Authority (FCA) has imposed a cumulative £46m fine on Neil Woodford and Woodford Investment Management (WIM) over failures in managing the former Woodford Income Equity fund (WEIF).
Woodford himself has been issued a ban from holding senior manager roles and managing funds for retail investors, alongside a fine of £5.8m, while his company has received a penalty of £40m. The regulator explained that both the former fund manager and WIM were responsible for the liquidity of the fund, "so that investors could redeem their investments and be repaid". However, when the fund was suspended in June 2019, investors – most of which were retail clients – were left unable to access their money. At its peak, the former WEIF had more than £10.1bn in assets in May 2017, whic...
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