‘I could lose £100K despite Woodford redress scheme’
People who lost tens of thousands of pounds when a star stockpicker’s investment fund collapsed say they have been let down by the UK’s financial regulator and are calling on MPs to investigate.
Around 300,000 people lost money when Woodford Equity Income Fund collapsed in 2019.
In 2023, the Financial Conduct Authority (FCA) announced a “redress scheme” that it said would allow investors to recover around 77p in the pound.
But some investors say that figure was misleading, and the scheme coming into force locked them out of other consumer protections.
The FCA says the scheme offers the “quickest and best chance” of getting a “better outcome than might be achieved by other means”.
Courtesy: BBC