Link's failings led to losses for Woodford investors, UK watchdog says

Link Administration Holdings

11/04/2024 09:46

LONDON, April 11 (Reuters) - Authorised corporate
director Link Fund Solutions failed to act with due skill, care
and diligence in its management of the Woodford Equity Income
Fund (WEIF), whose failure in 2019 trapped around 300,000
investors, Britain's Financial Conduct Authority said on
Thursday.
    The fund was run by former star stock picker Neil Woodford.
    "Link Fund Solutions' job was to properly manage the
Woodford Equity Income Fund and to protect investors' interests.
Their failings led to losses for those trapped in the fund when
it was suspended.
    The FCA also said in warning notices that Woodford had a
"defective and unreasonably narrow" understanding of his
responsibilities for managing liquidity risks.
    Woodford can appeal against the FCA's findings.
    Those invested in the WEIF when it was suspended are
starting to receive a share of up to 230 million pounds 
($288.74 million) in redress, which was approved by the High
Court in February.
    

($1 = 0.7966 pounds)

 (Reporting by Huw Jones, editing by Kirstin Ridley)
 ((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters
Messaging: huw.jones.thomsonreuters.com@reuters.net))