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
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