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BREAKING: FCA slams Neil Wooodford – worse to come for the disgraced fund manager we exposed

By Tom Winnifrith | Thursday 11 April 2024


 


Neil Woodford, the “man who made Middle England Rich” until he fecked it all up, exposed by this website, has been served with a warning notice by the Financial Conduct Authority today, after only five years of investigations. But there could be worse to come for Neil.

The FCA also slated Link, the ACD in its statement but on Woodford himself it stated that he had:

“a defective and unreasonably narrow understanding of his responsibilities for managing the WEIF’s liquidity risks,” and failed “to pay due regard to the need to ensure a reasonable and appropriate liquidity profile for the WEIF when making investment decisions in the face of ongoing redemptions and net outflows from the WEIF”.

This is just a warning notice but normally this is a precursor to taking some form of action against an individual or business. Woodford can appeal on this to, first the FCA's regulatory decisions committee and then an upper tribunal hearing. Good luck chap.

What will the FCA do? A life ban from financial services would be a start but there has to be more. Woodford and his business partner Craig Newman made up to £100 million from five years of running Woodford Investment Management, in salary and dividends. Surely he and Newman have to be fined a sum at least as large as their net drawings. Only that would send the sort of signal needed to the wider fund management industry.

We ran more than 1000 articles, videos and podcasts exposing Woodford from 2015 onwards. At the final AGM of WPCT in 2019 Woodford picked out me personally as the journalist who had most misrepresented his actions and crimes while others such as the FT and Sunday Times  just sucked PR cock until the very end.

At last without any doubt we can now stand wholly vindicated..


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