FCA raised concerns with ACDs twice before Woodford collapse

Kept details private

The Financial Conduct Authority (FCA) raised concern with authorised corporate directors (ACD) in 2012 and 2014, highlighting issues with their supervision of fund managers.

According to The Telegraph, the watchdog wrote to ACDs demanding they take action on both occasions but chose to keep this out of the public eye. It is not confirmed whether Link Fund Solutions, the ACD overseeing Woodford's failed vehicle, was one of the firms contacted. Woodford ACD Link: We acted in investors' best interests Poor due diligence on the appointment of new fund managers, deficient oversight of funds and limited understanding of charging structures are understood to have been some of the accusations laid at the doors of ACDs, along with poor risk management framework...