FCA confirms Link Fund Solutions investigation will be published if investors accept Woodford deal

investmentweek.co.uk:

Therese Chambers, joint executive director of enforcement and market oversight at the FCA

Speaking at a press conference following the regulator's annual public meeting, Therese Chambers, joint executive director of enforcement and market oversight at the FCA, confirmed a final notice will be published if the scheme of arrangement becomes effective.

Investors had raised concerns over the potential lack of a report following former executive director for enforcement and market oversight Mark Steward's comments at last year's meeting, who said the regulator would not be able to publish a report of its investigation unless enforcement action was taken.

Woodford investors set for early 2024 payout if scheme passes

Chambers confirmed that a final notice detailing the facts and findings of the investigation into LFS would be published and added that if the scheme does not go through, the FCA will follow its «normal processes». If enforcement action is then taken, a final notice would still be published.

While investors are still questioning if any action will be brought against Neil Woodford or any other parties related to the collapse of the former WEIF, Chambers refused to comment on the «existence or otherwise» of any investigations beyond that of LFS.

During the annual public meeting, Chambers answered a question relating to the scheme of arrangement and reasserted that, in the view of the FCA, it still represents the «quickest and best chance» to secure compensation for Woodford investors, and encouraged serious consideration of the deal.

Speaking about the alternatives, Chambers noted that «Link have made it very, very clear that they will only accept our findings in the context of our scheme of arrangement», adding the