Link's failings led to losses for Woodford investors, UK watchdog says

Reuters04-11

LONDON, April 11 (Reuters) - Authorised corporate director Link Fund Solutions failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), whose failure in 2019 trapped around 300,000 investors, Britain's Financial Conduct Authority said on Thursday.

The fund was run by former star stock picker Neil Woodford.

"Link Fund Solutions' job was to properly manage the Woodford Equity Income Fund and to protect investors' interests. Their failings led to losses for those trapped in the fund when it was suspended.

The FCA also said in warning notices that Woodford had a "defective and unreasonably narrow" understanding of his responsibilities for managing liquidity risks.

Woodford can appeal against the FCA's findings.

Those invested in the WEIF when it was suspended are starting to receive a share of up to 230 million pounds ($288.74 million) in redress, which was approved by the High Court in February.

($1 = 0.7966 pounds)

(Reporting by Huw Jones, editing by Kirstin Ridley)

((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters Messaging: huw.jones.thomsonreuters.com@reuters.net))

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