Consultant and staffing costs surpass £510k at Woodford IM as a result of FCA investigation

£4.5m loss for year ended 31 March 2021

Consultant and staffing salaries at Woodford Investment Management topped more than half a million pounds over the year to 31 March 2021, as costs associated with the Financial Conduct Authority's investigation into the collapse of Woodford Equity Income begin to mount.

According to the year end accounts, wages and salaries of £510,250, along with social security costs of £119,204 and other pension costs of £29,000, for a total remuneration of £658,454, was spent over the year. While the accounts only show two remaining members of staff and directors, Craig Newman and Neil Woodford were not the recipients of the wages, although it is unknown how many consultants and employees did receive this remuneration. Woodford sounds out Middle East investors The accounts represent the first full year with no funds under management at the investment firm, fol...