The chair of the all-party parliamentary group (AAPG) on banking and fairer financial services has drafted a letter calling for a judge-led inquiry into the Financial Conduct Authority’s handling of the collapse of the former Woodford Equity Income fund.
According to reports by Reuters, the draft letter has been signed by around 400 investors. Bob Blackman, chair of the APPG, is urging the government to step in, ten days before voting closes on the proposed redress scheme for Woodford investors - which could see them receive a maximum of £235m back, representing 77p in the pound. Registration to vote on Link Fund Solutions' Woodford scheme of arrangement opens The FCA has urged investors in the former WEIF to back the redress scheme and accept the 77% offer. But in the draft letter, Blackman accused the regulator of understating...
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