UK Treasury Committee urges FCA to swiftly conclude Woodford investigation
The UK Treasury Committee today published its latest correspondence with the Financial Conduct Authority (FCA) regarding the regulatory investigation into the circumstances relating to the suspension of the LF Woodford Equity Income Fund.
The FCA notes that the investigation remains a priority for it and has continued to make progress, with over 45 information requirements now being issued, meaning that all key evidence has been gathered.
The regulator says it is now finalising its legal analysis with a view to making decisions as to whether to take action and, if so, what action should be taken and against whom.
Rt Hon. Mel Stride MP, Chair of the Treasury Committee, notes that the FCA is now preparing to decide whether to take regulatory action, and recognises that there are constraints on what the FCA can say publicly while investigatory and regulatory work is under way.
Rt Hon. Mel Stride MP says:
“It remains a matter of keen interest to the Committee. I expect the FCA to ensure that this investigation and any regulatory action which follows is resourced to ensure as swift as possible a conclusion, and that the FCA will take every opportunity (within the confines of the law) to update the Committee as the investigation progresses”.
Back in May 2021, Nikhil Rathi, FCA CEO, noted that Woodford Investment Management Limited does not currently hold any permissions from the FCA that would enable it to engage in retail investment activities. The FCA remains in close supervisory contact with the firm and will continue to engage with authorities in overseas jurisdictions about any potential future activities of the firm or its principals.