The parties are appealing the FCA’s decision
International News via Reuters:
Britain’s financial watchdog said it would fine Neil Woodford, a former star stockpicker, and his investment firm nearly 46 million pounds ($61.08 million) over their failure to manage their now collapsed flagship fund.
The Financial Conduct Authority (FCA) said Neil Woodford would be fined 5.9 million pounds and banned from holding senior manager roles and managing funds for retail investors, and Woodford Investment Management 40 million pounds.
The parties are appealing the FCA’s decision.
The FCA said Woodford and Woodford Investment Management made unreasonable and inappropriate investment decisions between July 2018 and June 2019.
The Woodford Equity Investment Fund (WEIF), the flagship fund, was suspended in 2019 following outsized bets on illiquid assets that left it unable to meet investor redemption requests within a stipulated four-day-period.
($1 = 0.7531 pounds)
Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli
