Woodford Investment Management has suffered a brutal week and no mistake. Following last week’s shock shuttering, the firm has faced huge criticisms, withdrawals of mandates, legal threats and huge reputational damage.
SJP has fired Woodford Investment Management from its £3.5 billion contract and handed the mandates to Threedneedle.
By mid week, Hargreaves Lansdown had axed its fees and urged Woodford to do that same.
Then Treasury Select Committee chair Nicky Morgan joined in those calls.
Woodford Investment Management lost the £330 million mandate from the Omnis Income and Growth at the end last week.
In today's Financial Times, Jonathon Ford asks why Woodford offered ATM liquidity on a fund with illiquid assets. I think this is going to become the burning issue in the next few weeks.
It is reported that the chief executive of the FCA Andrew Bailey is examining the rules around the gating of funds in the wake of the Woodford closure. The issue was already under review but those rules may get tighter.
There is talk of a legal challenge on behalf of investors trapped in the fund.
Hargreaves Lansdown has apologised for the suspension.
Mark Dampier is to retire from Hargreaves Lansdown amid criticism of his strong support for Woodford in the past.
A.J. Bell says that the tax implications of reversing the increases in the women’s pension age would be colossal. Treasury calculations suggest the change would cost £181bn.
Most advisers say that the WASPI demands are simply not deliverable. There may be some legitimate questions asked about whether the campaign could have concentrated on those in the most hardship.
IFAs are considering abandoning pension transfer advice altogether in the wake of the FOS fees hike says the PFS.
Asset-Backed Management, an unregulated introducer, which received as much as 40% commission on the investments it promoted has been wound up.
The FCA is under fire from advisers for its handling of tip offs amid concerns about all manner of direct offer investments.