US EditionFormer fund manager Neil Woodford to be banned and fined almost £46m
UNITED KINGDOM, AUG 5 – The FCA fined Neil Woodford £5.9 million and Woodford Investment Management £40 million for poor liquidity management that locked out 300,000 investors after the 2019 fund collapse.
- The Financial Conduct Authority provisionally banned Neil Woodford and fined him £5.89 million, also fining Woodford Investment Management £40 million for failings in the Woodford Equity Income Fund in June 2019.
- The fund was suspended after Woodford and WIM made poor investment choices from mid-2018 to mid-2019, including inadequate liquidity management and excessive reliance on hard-to-sell assets.
- At its height in May 2017, the fund held assets exceeding £10.1 billion, but this value declined to around £3.6 billion by the time trading was halted, preventing many retail investors from withdrawing their money.
- The FCA stated Woodford showed a “defective and unreasonably narrow understanding” of his duties, and Steve Smart emphasized leaders must take responsibilities seriously to protect investors.
- The fund’s collapse caused billions in losses, triggered legal challenges, and provoked calls for regulatory reform and for Woodford’s CBE to be revoked due to the harm caused.
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UK Fines Woodford £46 Million on Failures Ahead of Fund Collapse
The UK’s Financial Conduct Authority fined Neil Woodford, the once-renowned investment manager, and his fund empire a total of £46 million ($61.1 million) over shortcomings in the lead up to the fund’s collapse.
·United States
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Total News Sources30
Leaning Left3Leaning Right2Center4Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 33%
C 44%
R 22%
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