- An update on the FCA's Woodford probe suggests results could still take some time
- The regulator has conducted 14 witness interviews and gathered 20,000 pieces of relevant material
It could be some time until the FCA publishes the results of a probe into the demise of the Woodford Equity Income fund, the regulator has suggested.
FCA chief executive Nikhil Rathi has written to the Treasury Select Committee saying the investigation, which begin in mid-2019, had made "substantial progress". He said the regulator had conducted 14 witness interviews, with its investigation team also issuing around 30 information requests which had led to the FCA amassing more than 20,000 items of "relevant material".
But it seems Woodford investors will still have to wait some time to see whether any party is held responsible for failings at the widely held fund. Rathi said he was confident the investigation work would be completed by the end of 2021, but added: "I am unable to give a precise timeline for any public indication of the outcome".
An annex to the FCA's letter noted that it can take around six months from the conclusion of the investigation stage to "prepare the relevant papers, subject these to the separate evidential and legal review, and engage with the subjects through the initial resolution process".
If no resolution is agreed it can take an additional six months to a year to proceed through the FCA's regulatory decisions committee. If a case were taken to the Upper Tribunal this could add a year or more to the process. The FCA has been tight-lipped about the parties it is investigating.
Read our feature exploring the legal options available to Woodford investors: https://www.investorschronicle.co.uk/ideas/2021/03/30/the-legal-options-for-trapped-woodford-investors/
