Woodford redress: 'What has the FCA been doing for three years?'

£306m ‘nowhere near enough’

Following the news that the Financial Conduct Authority is likely to impose a £306m redress claim on Link Fund Solutions, industry commentators have questioned the continued delays relating to the collapse of the former Woodford Equity Income fund.

Since the wind-up of WEIF was first announced to the FCA revelation that it had found Link Fund Solutions had failed to manage the liquidity of the fund, 1,064 days passed with no clear sign of whether action would be taken against any of the related parties or if investors would see their money again. Dzmitry Lipski, head of funds research at interactive investor, argued that investors have "long deserved the full story" and that the FCA statement earlier this week did not offer investors "even half the story". "We can only hope we are closer to the end than the beginning of this FCA...