The Financial Conduct Authority (FCA) has launched civil proceedings against Neil Woodford and his investment platform W4.0 for carrying out regulated activities without authorisation.
The regulator says Woodford and W4.0 have been providing regulated investment advice and issuing financial promotions through the subscription-based platform w4pz.com without authorisation.
The FCA alleges a breach of sections 19 and 21 of the Financial Services and Markets Act 2000, which govern regulated financial activities and financial promotions.
Woodford is a fund manager who was at Invesco for over 25 years. In that time, he became head of UK equities and managed a number of the firm’s income funds. He founded Woodford Investment Management in 2014 before launching W4.0.
The FCA is seeking an injunction to prevent Woodford and W4.0 from continuing the activities while the case is before the courts.
