FCA update on Woodford

THE City watchdog is set to update MPs today on its investigation into the downfall of Woodford Investment Management.

The Financial Conduct Authority (FCA) promised the Treasury Select Committee it would report on its progress by the end of this month. It kicked off the probe in summer 2019, shortly after Neil Woodford’s flagship fund was shuttered, spelling the demise of his investment empire.

But two years later, nothing has been published – and MPs are putting pressure on the FCA to reach its conclusion.

Investors in Woodford’s funds have been left desperate or answers, after collectively losing more than £1bn when his firm imploded.

The once-lauded stock picker fell into trouble after a run of poor performance saw investors pull their money out.

He didn’t have enough spare cash to repay them with, so Link – which was in charge of overseeing Woodford’s management – shuttered the Woodford Equity Income Fund.

Woodford, his business partner Craig Newman, and Link are all understood to be in the crosshairs of the FCA’s probe.