Investors in Woodford’s Failed Fund Denied Crucial Info: Times
Investors in Neil Woodford’s failed fund were denied crucial details of his bets on risky shares, the Sunday Times reported.
The investment house Hargreaves Lansdown repeatedly raised questions about high-risk unquoted shares held in Woodford’s Equity Income fund with him and Link Fund Solutions, the company ultimately responsible for the fund, the newspaper said citing legal papers and official documents.
HL’s requests for information about specific details of the value of some shares were turned down or met with reassurances from Woodford himself that the risks were overblown, according to the newspaper.
HL had not been notified of any breaches. Link and Woodford said they abided by all rules and had no legal obligation to pass on this information while the U.K. Financial Conduct Authority has acknowledged that there was no obligation to pass on these details, the report said.
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