Why are we still waiting for FCA report?

GIVEN the damage done to the reputation of the retail investment fund industry by the Woodford debacle, you would have thought the regulator might have thrown the proverbial kitchen sink at getting its report into the fund’s suspension in 2019 published promptly.

But, despite the vast financial resources available to the Financial Conduct Authority – around £600million a year – and pressure from the Treasury Select Committee, the report’s gestation period is soon to surpass three years. Longer than that of black alpine salamanders.

Maybe, the up and coming threeyear anniversary of the Woodford fund suspension has made the FCA conscious of its procrastination. Why? Because, last week, it actually provided The Mail on Sunday with some comment on the report’s progress. On Friday, it said it needed to get its report on Woodford right and that shortcuts were not possible.

It added: ‘We recognise that the time taken to investigate causes frustration among those affected by a firm or fund failure and who are, understandably, looking for answers. It is vital we investigate thoroughly and that is what we are doing.

‘We continue to make progress on the case and will provide an update when we are able to.’ It confirmed it had conducted numerous witness interviews, issued many information requests, gathered thousands of items of relevant material – and that the investigation was a complex one.

Reading between the lines, this suggests the report may not see the light of day before the end of the year.

My verdict? Justice delayed is justice denied.