The former star stockpicker Neil Woodford has been hit with a warning notice by the Financial Conduct Authority over the spectacular collapse of his fund five years ago, with the watchdog accusing him of having “defective understanding” of liquidity risks faced by the fund.
In the warning issued on Thursday, the FCA said it intended to take action against Woodford and Woodford Investment Management (WIM) in respect of their conduct in the management of the Woodford Equity Income Fund (WEIF) before its suspension in 2019.
