Former money manager and star stockpicker Neil Woodford urged the UK Financial Conduct Authority against closing his fund, warning that it would cause “needless and significant investor detriment”.Woodford opened his eponymous firm Woodford Investment Management in 2014, before his flagship Equity Income fund was suspended in June 2019. Its winding-up was announced on October 15 that year.Some 300,000 investors were left in the £3.6bn fund when it was suspended, in what became one of the UK’s biggest retail investment scandals. The FCA said in 2023 that a redress scheme would enable investors to recover around 77p in the pound.A letter sent to the FCA by Woodford Investment Management’s lawyers on October 14 2019 showed that WIM urged the financial regulator against closing the fund, warning that it would crystallise bigger losses for investors than if it were restructured and reopened.
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