You are here: Home - Investing - Experienced Investor - News -

Woodford under fire from Jersey financial regulator

Written by: Emma Lunn
Fallen fund manager Neil Woodford has been publicly reprimanded by the Jersey Financial Services Commission (JFSC) after announcing his plans to base his new business on the channel island.

The Jersey financial watchdog criticised Woodford for announcing his plans for Woodford Capital Partners before submitting an application to operate from Jersey.

In a statement, the Jersey Financial Services Commission (JFSC) said: “We note that WCM Partners has publicly announced in a press release that it plans to operate as an investment management company out of Jersey and Buckinghamshire.

“We are disappointed to see this announcement in advance of either receiving or processing any application from this company for authorisation to conduct licensed business as an investment management firm in Jersey. It would be normal practice when making such an announcement to make it clear that it is ‘subject to regulatory approval’.”

JFCS said that while WCM Partners had been reserved in the Jersey Registry as a trading name, an application to operate from the channel island had not been received.

The development will come as a fresh blow to Woodford who was the subject of an out-of-hours statement from the UK Financial Conduct Authority earlier this week.

The FCA said on Tuesday that it has been in discussions with the JFCS and would share information on Woodford with the fellow watchdog. The FCA is currently investigating Woodford Investment Management.

The Woodford Equity Income fund was suspended in June 2019 following an increase in redemption requests which couldn’t be readily met. In October 2019, Link confirmed the £3bn fund would be wound-up with cash returned to investors as soon as possible. But investors have waited a long time for their money.

Law firm Leigh Day is pursuing a group claim for investors who have lost cash as a result of the fund’s mismanagement.

Woodford announce his plans to set up a new investment firm in an emotional interview with The Telegraph at the weekend.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week