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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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17-01-2022 12:33:18 (UTC+7)

EUR/USD

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EUR/USD

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 EUR/USD1.1410↑ Buy
 GBP/USD1.3652Sell
 USD/JPY114.57Sell
 AUD/USD0.7212↑ Sell
 USD/CAD1.2514Neutral
 EUR/JPY130.74↑ Sell
 EUR/CHF1.0428↑ Buy
 Gold1,818.80Sell
 Silver23.023↑ Sell
 Copper4.4292Neutral
 Crude Oil WTI83.66↑ Sell
 Brent Oil86.38↑ Sell
 Natural Gas4.271↑ Buy
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,302.14↑ Sell
 S&P 5004,662.85↑ Buy
 DAX15,933.72↑ Sell
 FTSE 1007,611.23↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,161.50↑ Sell
 IBEX 358,838.70↑ Sell
 BASF68.140Neutral
 Bayer52.82↑ Buy
 Allianz227.05↑ Buy
 Adidas252.65↑ Buy
 Lufthansa7.241↑ Sell
 Siemens AG146.00Neutral
 Deutsche Bank AG12.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,148
SJC HCM6,110/ 6,170
(0/ 0) # 1,158
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,160
SJC Danang6,110/ 6,172
(0/ 0) # 1,160
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,160
SJC Cantho6,110/ 6,172
(0/ 0) # 1,160
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