Home Business News City watchdog launches investigation into Woodford fund suspension

City watchdog launches investigation into Woodford fund suspension

by LLB Reporter
18th Jun 19 4:47 pm

The Financial Conduct Authority (FCA) has said on Tuesday that they have launched an investigation over the suspension of Woodford’s equity income fund.

In a letter to Nicky Morgan MP, the head of the treasury committee Andrew Bailey, chief executive of the FCA confirmed the investigation.

Bailey said, “We have opened an investigation but cannot comment any further.”

A spokesperson for Woodford said, “We can confirm we have been contacted by the FCA, regarding its investigation relating to the events that led to the suspension of the LF Woodford Equity Income Fund and will be co-operating fully with its investigation.”

Morgan said, “I am grateful to Mr Bailey and the FCA for responding to my letter in good time and note that the FCA has opened an investigation into the events that led to the suspension of the Woodford Fund.

“The Committee will examine this letter and wider issues brought into focus by the suspension of the Woodford Fund when we take evidence from Mr Bailey and Mr Randell next week.”

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