COMMONS

Nicky Morgan comments on the Woodford Fund

06 June 2019

Rt. Hon. Nicky Morgan MP, Chair of the Treasury Committee, has commented on the news that dealing in the units of the LF Woodford Equity Income Fund has been suspended.

Chair's comments

Mrs Morgan said:

“Investors in the Woodford Fund have been locked out of accessing their cash. Yet it has been reported that Mr Woodford is taking in nearly £100,000 in management fees a day.

The suspension of trading has provided Mr Woodford with some breathing room to fix his fund; he should afford his investors the same space and waive the fund’s fees while the fund is suspended.

The FCA has rightly said that it is closely watching the fund. The Treasury Committee will no doubt raise this troubling episode, and what lessons can be learnt, when we take evidence from the FCA and Bank of England.”

Further information

Image: PA

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