UK financial watchdog near a decision on Woodford fund probe By Reuters

UK financial watchdog near a decision on Woodford fund probe By Reuters
UK financial watchdog near a decision on Woodford fund probe © Reuters. FILE PHOTO: British fund manager Neil Woodford is seen in this undated handout image released July 18, 2019. Jonathan Atkins/Handout via REUTERS.

LONDON (Reuters) -Britain’s financial watchdog said it was close to a decision on whether to take enforcement action regarding the suspension of a fund run by veteran stock picker Neil Woodford, which left investors out of pocket.

The 3 billion pound ($4.07 billion) LF Woodford Equity Income Fund was suspended in June 2019 after it ran out of cash to pay back investors seeking to leave after a period of underperformance. The fund was heavily exposed to unlisted, hard-to-sell stocks.

The Financial Conduct Authority opened an investigation in June 2019 into the circumstances relating to the suspension.

“We are now finalising our legal analysis with a view to making decisions as to…

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