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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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25-01-2022 09:24:29 (UTC+7)

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 EUR/USD1.1271↑ Sell
 GBP/USD1.3469Neutral
 USD/JPY113.87Neutral
 AUD/USD0.7134↑ Buy
 USD/CAD1.2635↑ Sell
 EUR/JPY128.33↑ Sell
 EUR/CHF1.0352↑ Sell
 Gold1,840.75↑ Sell
 Silver23.652↑ Sell
 Copper4.4192↑ Buy
 Crude Oil WTI83.42↑ Sell
 Brent Oil85.72Sell
 Natural Gas3.833↑ Buy
 US Coffee C238.20↑ Buy
 Euro Stoxx 504,078.15Buy
 S&P 5004,410.13↑ Buy
 DAX15,100.37↑ Buy
 FTSE 1007,349.72↑ Sell
 Hang Seng24,243.61↑ Buy
 Small Cap 20002,030.04↑ Buy
 IBEX 358,490.69Neutral
 BASF65.380↑ Buy
 Bayer50.85↑ Buy
 Allianz220.18↑ Buy
 Adidas238.95↑ Sell
 Lufthansa6.658↑ Sell
 Siemens AG137.58↑ Buy
 Deutsche Bank AG10.985↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,245
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SJC Danang6,190/ 6,257
(40/ 45) # 1,213
SJC Nhatrang6,190/ 6,257
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SJC Cantho6,190/ 6,257
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