Neil Woodford and Woodford Investment Management have been fined £46 million by the FCA for mismanagement of the Woodford Equity Income Fund, collapsing in 2019. Woodford is banned from senior roles in finance, labeled 'not fit and proper' to manage money. He faces a £5.9 million personal fine while his firm faces £40 million in penalties, reflecting severe public trust damage in retail investment. Woodford plans to appeal these decisions, maintaining disagreement with the findings and questioning the FCA's conduct throughout the process.
The Financial Conduct Authority has fined Neil Woodford and his investment firm a combined £46 million for mismanagement of the Woodford Equity Income Fund, which collapsed in 2019.
The FCA characterizes Woodford as 'not fit and proper' to manage money or lead financial institutions, reflecting the serious damage done to public trust in retail investment.
Woodford, who managed over £15 billion at his peak, faces a £5.9 million personal fine while his firm, Woodford Investment Management, is facing a £40 million penalty.
The penalties are provisional as Woodford prepares to appeal, expressing strong disagreement with the FCA's findings and seeking clarity on the regulator's conduct.
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