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UK financial watchdog near a decision on Woodford fund probe

Monday, January 10, 2022
UK financial watchdog near a decision on Woodford fund probe © Reuters. FILE PHOTO: British fund manager Neil Woodford is seen in this undated handout image released July 18, 2019. Jonathan Atkins/Handout via REUTERS.

LONDON (Reuters) -Britain's financial watchdog said it was close to a decision on whether to take enforcement action regarding the suspension of a fund run by veteran stock picker Neil Woodford, which left investors out of pocket.

The 3 billion pound ($4.07 billion) LF Woodford Equity Income Fund was suspended in June 2019 after it ran out of cash to pay back investors seeking to leave after a period of underperformance. The fund was heavily exposed to unlisted, hard-to-sell stocks.

The Financial Conduct Authority opened an investigation in June 2019 into the circumstances relating to the suspension.

"We are now finalising our legal analysis with a view to making decisions as to whether to take action and, if so, what action should be taken and against whom," Financial Conduct Authority CEO Nikhil Rathi said in a letter to parliament's Treasury Select Committee (TSC), made public on Monday.

Rathi said all key evidence has been gathered.

"If any disciplinary action is taken, in the interests of fairness, we will be unable to identify who it is against and what the allegations are until certain stages have been completed. The timing of any outcome will also be contingent on whether the proceedings are contested," Rathi said.

TSC Chair Mel Stride said on Monday in a response to Rathi's letter that the FCA should ensure "as swift as possible a conclusion" to the probe, saying it remains a matter of keen interest to the lawmakers.

Around 2.5 billion pounds in the fund has been handed back to investors.

The suspension of the fund, along with the freezing of some property funds after the June 2016 Brexit referendum, prompted regulators to review rules that allow such funds to offer daily redemptions to investors.

($1 = 0.7366 pounds)

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26-01-2022 08:38:56 (UTC+7)

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 EUR/USD1.1277Neutral
 GBP/USD1.3508Neutral
 USD/JPY114.28↑ Buy
 AUD/USD0.7172Buy
 USD/CAD1.2575↑ Buy
 EUR/JPY128.88↑ Buy
 EUR/CHF1.0383↑ Buy
 Gold1,844.75Sell
 Silver23.955↑ Buy
 Copper4.5200↑ Buy
 Crude Oil WTI86.85↑ Buy
 Brent Oil88.48↑ Buy
 Natural Gas4.164↑ Buy
 US Coffee C240.53↑ Buy
 Euro Stoxx 504,179.55Neutral
 S&P 5004,356.45↑ Sell
 DAX15,497.95Neutral
 FTSE 1007,507.15Neutral
 Hang Seng24,289.90↑ Buy
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 IBEX 358,659.36↑ Sell
 BASF67.785Neutral
 Bayer51.71↑ Buy
 Allianz224.82↑ Buy
 Adidas246.57↑ Buy
 Lufthansa7.053↑ Buy
 Siemens AG142.61↑ Buy
 Deutsche Bank AG11.457Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
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SJC HCM6,180/ 6,245
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SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
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