The Financial Conduct Authority (FCA) has fined Invesco Perpetual £18.6m for exposing investors to more risk than they had been led to expect in funds including Neil Woodford's giant income portfolios.
The regulator said Invesco Asset Management Limited and Invesco Fund Managers Limited (Invesco Perpetual) has been fined a total of £18,643,000 after clients lost money as a result of being exposed to more risk than expected. Between May 2008 and November 2012, the FCA said Invesco Perpetual did not comply with investment limits designed to protect consumers across a range of its funds. Breaching the risk limits led to losses of £5m for investors, the FCA said. Prompt compensation has been paid to the funds. These losses could, however, have been greater still, the FCA added. Speci...
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