FCA: Final Notice: Link Fund Solutions Limited/Warning Notice Statement: Woodford Investment Management Limited/Neil Woodford
FCA has issued a Final Notice against Link Fund Solutions, stating that it failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund, specifically with regard to the oversight and liquidity of the fund. The firm is required to pay restitution of £298,403,919, or such lower sum as may be payable under a scheme of arrangement, to the current unitholders. FCA notes that it would have proposed a penalty of £50,000,000 (which, in the event of settlement, could have been reduced to £35,000,000) if this agreement had not been reached. Separately, FCA has issued warning notices to Neil Woodford and Woodford Investment Management and proposes to take action against them for their conduct in the management of the fund. FCA has alleged that Neil Woodford had a defective and unreasonably narrow understanding of his responsibilities for managing liquidity risks and that he and the firm failed to ensure that the funds liquidity risk framework was appropriate, to respond appropriately to the ongoing deterioration in the fund's liquidity, and to maintain a reasonable liquidity profile for it.
Last updated · 13 Mar 2026
Regulatory News - Financial Services & Regulation
See allFCA: Listings data
FCA has published information on key trends in the UK listings market. The data will be updated quarterly. FCA intends to add new categories and share further research to provide a clearer picture of market trends in future updates.
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FCA: Handbook Notice 142
FCA has published details of Instruments made at its Board meeting on 25 June 2026. These are: Markets in Financial Instruments (Equity Transparency) Instrument 2026/30; Technical Standards (Markets in Financial Instruments Regulation) (Equity Transparency) (Amendment) Instrument 2026/31; Collective Investment Schemes Sourcebook (Statement of Recommended Practice) Instrument 2026/32, and Targeted Clarifications of Handbook Materials Instrument 2026/33.
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FATF: Implementation guidance on FATF Recommendation 16
FATF is consulting on revisions to FATF’s Recommendation 16. Feedback is invited on a range of issues including whether the guidance provides sufficient clarity and support on; the detection and prevention of misdirected payments and how Recommendation16 applies to newer payment methods, such as digital wallets and mobile money. Responses are required by 21 August 2026. The consultation and an accompanying explanatory memorandum may be downloaded via the following link.
FCA: CP26/21: Proposed changes to the UK Listing Rules for closed-ended investment funds/ Engaging and enabling retail shareholders to vote – good practice
FCA is consulting on proposed changes to its UK Listing Rules for closed‑ended investment funds. FCA states that the changes are designed to strengthen the integrity of a board being able to act independently of any investment manager, apply consistent protections for all changes to investment manager fees and remuneration, and recognise the conflict arising where a substantial shareholder is also an investment manager. Responses are required by 14 August 2026. Alongside the consultation, FCA has published a note which sets out good practice to increase retail shareholder engagement and reduce barriers to voting.
PRA: Speech by David Chaplin: A sea change in regulatory investigations and enforcement
PRA has now published David Chaplin’s speech of 24 June 2026 in which he discusses how behaviour in regulatory investigations is evolving. He notes that “we are now seeing earlier without prejudice engagement, investigation subjects volunteering structured factual accounts, and admissions being made months, and in some cases years, earlier than would previously have been typical”.