In June 2019, we opened an investigation into the circumstances relating to the suspension of the LF Woodford Equity Income Fund. On this page we set out our public statements on this matter. We will keep this updated as further information is provided.
28 May 2021
Nikhil Rathi, Chief Executive of the FCA wrote to Rt Hon. Mel Stride MP, Chair of the Treasury Select Committee updating on the progress of our investigation.
16 February 2021
This statement sets out our position on specific points we were asked for information on. It followed comments by Neil Woodford on his future business plans.
21 August 2020
On 18 January 2020, Link Fund Solutions Ltd (LFS), the Authorised Corporate Director of the LF Equity Income Fund (LFEIF), started winding up the fund. LFS considered the winding-up of the LFEIF to be in the best interests of all investors and enabled the return of cash to investors at the earliest opportunity.
15 October 2019
On 15 October 2019, Link Fund Solutions Ltd (LFS), the Authorised Corporate Director of the LF Woodford Equity Income Fund (WEIF) announced that it would not seek to re-open the WEIF and instead, it looked to wind-up the fund as soon as practicable. LFS considered the winding-up of the WEIF to be in the best interests of all investors and would enable the return of cash to investors at the earliest opportunity. LFS expected the winding-up to begin in mid-January, subject to regulatory approvals. LFS would now request formal approval from the FCA to wind-up the fund.
18 June 2019
Andrew Bailey, Chief Executive of the Financial Conduct Authority wrote to Rt Hon. Nicky Morgan MP, Chair of the Treasury Select Committee. This was in response to Nicky Morgan’s letter on the 10 June 2019 asking for information relating to the suspension of the LF Woodford Equity Income Fund.
5 June 2019
We provided an update following the announcement on 3 June that dealing in the units of the LF Woodford Equity Income Fund had been suspended. This statement provided additional information about the purpose of suspension, our role and to address the decision to list some of the Fund’s assets in Guernsey.