Overview

• The watchdog determined that between July 2018 and June 2019 Woodford and his firm made investment choices that intensified liquidity pressures by swapping liquid holdings for hard-to-sell assets.
• Provisional sanctions include a personal ban from senior fund roles plus a £5.89m penalty for Woodford and a £40m fine for his former firm.
• The fund’s 2019 suspension left only 8% of its assets saleable within seven days, trapping cash for about 300,000 retail investors.
• Woodford and his firm have appealed the decision to the Upper Tribunal to contest the findings and penalties.
• Investor groups have petitioned for Woodford’s CBE to be revoked following the regulator’s damning assessment.