Former star fund manager and company fined £46m
Summary
Former fund manager Neil Woodford and his company have been fined nearly £46 million by the Financial Conduct Authority (FCA) after the collapse of his investment fund in 2019. The FCA alleges that there were poor investment choices that led to the fund's suspension, affecting 300,000 investors. Woodford and the company are appealing the fines and the FCA's findings.Key Facts
- Neil Woodford and his company have been fined a total of £46 million.
- The fines stem from the collapse of the Woodford Equity Income Fund in 2019.
- Around 300,000 people lost money when the fund collapsed.
- The FCA plans to fine Mr. Woodford nearly £6 million and ban him from senior roles.
- The fund went from £10.1 billion in May 2017 to £3.6 billion by its suspension in 2019.
- The FCA claims Woodford and his company made poor investment choices, impacting fund liquidity.
- The fund was mostly made up of retail investments from everyday people.
- Woodford and his firm are challenging the FCA’s findings and penalties.
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