'Once your reputation is damaged like that there is no way back': Platforms react to Fidelity blocking Income Focus purchases

'Highly unusual'

Platform providers have dubbed Fidelity International's decision to block investors from buying into the Woodford Income Focus fund as "highly unusual" and "unprecedented", despite claiming that star fund manager Neil Woodford "is finished".

Fidelity said today (18 June) personal investors will no longer be able to buy new units in Woodford Income Focus, but will still be able to withdraw money. Earlier this month the Woodford Equity Income suspended trading due to a vast swathe of redemptions. The Income Focus fund remains open, but has consequently seen outflows in the fallout from the gating, with assets falling from £500m to £325m. Jason Hollands, managing director at Tilney, said it should be up to the investor to decide whether to invest or not and for the ACD to determine whether dealing in a fund should be suspend...