FCA tight-lipped on Woodford progress in Treasury Committee correspondence

Follows accountability hearing

The Financial Conduct Authority has acknowledged frustration in the time it has taken to investigate the collapse of Woodford Equity Income, but gave scant detail on progress, in a letter to the Treasury Committee.

The letter from FCA's chief executive Nikhil Rathi to Harriet Baldwin, chair of the Treasury Select Committee, followed the accountability hearing of the FCA on 7 November. The letter, dated 14 December and published today (11 January), responds to a series of questions posed during the hearing and updates the committee on progress in certain areas. Rathi said investigations into parties apart from Link Fund Solutions that played a role in the collapse of the Woodford fund were at "advanced stages" but said publication of the information was subject to "statutory restraints". "If...