Woodford Investment Management  

Link Fund Solutions to be fined £50mn over Woodford

In May last year, FCA chief executive Nikhil Rathi told the Treasury Committee the investigation would be completed by the end of 2021 but was unlikely to be published that year.

In the statement today, the regulator said: "The FCA understands that investors will be keen to understand the impact that this may have on them, including any potential to receive redress, and will provide an update as soon as it is able to do so."

In June this year, two law firms united to take Link to court over its handling of the fund’s demise.

Leigh Day and Harcus Parker submitted a group litigation order at the High Court on behalf of more than 3,000 investors in the fund.

The claim alleges that Link breached the FCA’s rules in its performance as the authorised corporate director of the Woodford Equity Income Fund, saying it failed to ensure that the fund was managed in accordance with the Collective Investment Schemes sourcebook of the FCA handbook.

The firms believe the claim will be worth more than £100mn.

Link denies the claims.

sally.hickey@ft.com