Woodford Investment Management (WIM) has criticised the Financial Conduct Authority (FCA) for banning former fund manager Neil Woodford and fining them both for a total of £46m.
The watchdog imposed the enforcement action for management failings in regard to the former Woodford Equity Income fund (WEIF), especially around a lack of liquidity management in a time of high redemptions, considering assets dropped from £10.1bn in May 2017 to £3.6bn when the fund was suspended in June 2019. WIM said it "strongly disagrees" with the regulator's decision and that it intends to challenge the decision to the Upper Tribunal, meaning the enforcement action will have "no effect" while the appeal is pending. Woodford declined to comment on the FCA's decision notice. The...
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