Woodford allays concerns over latest rule breach

He said: "Whilst there is a need to ensure that the fund is restructured so investors can get their money back, and that Woodford Investment Management can continue as a business whilst this takes place, families and households across the UK have already suffered from the stress of not being able to access their hard earned savings, so to be charged around £13 million for the privilege is truly shocking.

"Once again we ask Woodford to remove the fee, or at the very least reduce it, in recognition of all the distress he has put investors through.

"The suspension itself comes as little surprise. Whilst it has taken Link a while to confirm the suspension will last until December, the investments in Woodford Equity Income fund are very illiquid and therefore take time to sell, and this was never likely to be a quick fix.

"It is important this restructuring of the portfolio is comprehensive so that, once complete, investors are able to get their money back once the fund re-opens."

Mr Woodford is himself not getting paid a salary during the period when the fund is suspended.