HL: Woodford IM did not inform us of February 2018 breaches

Chris Hill's letter to Treasury

In a response to a Treasury Committee letter on its investment into Neil Woodford's suspended Equity Income fund, Hargreaves Lansdown has revealed Woodford Investment Management did not inform the platform the fund breached the 10% limit to unlisted holdings last year, which was exposed by the FCA yesterday.

In a letter responding to Nicky Morgan MP, chair of the Treasury Committee, HL CEO Chris Hill outlined the fund supermarket's interaction with Neil Woodford with regards to Equity Income's unqouted holdings, revealing that HL had never been informed about the breaches that took place in February last year. This follows news yesterday that the FCA had uncovered breaches of the 10% unquoted stock rule by Woodford IM in February last year, and has launched a formal investigation into the suspension of the LF Woodford Equity Income fund as a result. Hill wrote in the letter: "In November ...