The Financial Conduct Authority has opened civil proceedings against Neil Woodford and his new investment platform W4.0 for “operating without authorisation”.
The regulator alleged that Woodford and W4.0 provided regulated investment advice and financial promotions through the subscription-based platform www.w4pz.com without authorisation. It said this constituted a breach under sections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA). The regulator is seeking an injunction against Woodford and the UAE-registered W4.0 to stop them carrying on with what it believes are potentially unlawful activities. Professional Adviser sister title Investment Week previously broke the news the FCA was looking into W4.0, which Woodford l...
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