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Fresh anger over Neil Woodford’s comeback

Fresh anger over Neil Woodford’s comeback as he’s nonetheless being probed over his former fund’s collapse

Neil Woodford’s return to fund administration has sparked incredulity amongst MPs, friends and campaigners.

The fallen star continues to be being probed by the Financial Conduct Authority (FCA) for his function within the collapse of the Woodford Equity Income Fund in 2019.

The implosion of his fund left traders with out entry to their money and has seen them take lose at the very least £1billion. 

New fund: Neil Woodford continues to be being probed by the Financial Conduct Authority for his function within the collapse of the Woodford Equity Income Fund in 2019 

But in a dramatic comeback this weekend, Woodford introduced he has launched a brand new fund – solely open to skilled traders.

Former pensions minister Baroness Altmann stated: ‘I’m amazed that Woodford is ready to begin up one other company earlier than the FCA investigation has completed.

‘What rules and protections are in place when one of many fund managers who oversaw probably the most high-profile scandal in years can simply arrange once more?

‘I’d name on the FCA to get the investigation finalised and revealed earlier than he is allowed to start out a brand new agency.’

Lord Lee, a former minister in Margaret Thatcher’s Cabinet who joined the Liberal Democrats, added: ‘I’d have thought {that a} interval of silence and withdrawal would have been extra acceptable for Woodford. He ought to definitely anticipate the end result of the investigation.’

The FCA has by no means revealed which events it’s probing in relation to the Woodford scandal, however it’s understood to incorporate the stock-picker himself, the Equity Income Fund’s supervisor Link, and the fund’s depositary Northern Trust. 

The FCA yesterday declined to touch upon its investigation, or how lengthy it might be till it’s revealed.

But Tory MP Kevin Hollinrake stated: ‘I do suppose there is a good case for not having the ability to work in fund administration whilst you’re being investigated, however that provision does not presently appear to exist within the FCA rule e-book. 

‘The FCA has a horrible file of not banning folks from the trade. They have to be seen to manage with enamel.’

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