Regulator Cracks Down on Former Fund Manager Neil Woodford

The UK's financial regulator is suing former fund manager Neil Woodford and his new investment service for unauthorized investment advice and promotions. They are seeking an injunction to stop these activities. In 2019, Woodford faced a £45.9 million fine for management failures.

The UK's financial regulator has taken legal action against former fund manager Neil Woodford and his online investment service for allegedly providing unauthorized regulated investment advice and financial promotions. The regulator has filed for an injunction to halt these activities, which they claim to be unlawful.

Woodford's new venture, W4.0, which is registered in the United Arab Emirates, states on their website that they aim to explain active investment strategies rather than offer direct advice or management. However, the Financial Conduct Authority (FCA) is pursuing them for bypassing regulatory controls.

This legal step comes after the FCA fined Woodford and his previous firm, Woodford Investment Management, a total of £45.9 million last August due to management failures connected to a fund downfall in 2019. Neither Woodford nor W4.0 responded to inquiries regarding the lawsuit.