The Financial Conduct Authority (FCA) has said it has launched a formal investigation into the suspension of the LF Woodford Equity Income fund, as it also revealed the fund breached the 10% exposure to unquoted holdings limit in February last year.
In an open letter penned by the chief executive of the FCA Andrew Bailey in response to the Chair of the Treasury Nicky Morgan said the FCA has been in regular contact with Woodford Investment Management's (WIM) authorised fund manager Link Fund Solutions regarding issues since early 2018. Update: Lord Myners takes aim at FCA over Woodford It also said the regulator had opened a formal investigation but would not be able to comment further. Breaches Bailey's letter revealed the FCA first initiated contact with Link Fund Solutions in February 2018 regarding the issues to related ...
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