LONDON, June 8 (Reuters) – Britain’s financial regulator said on Monday it was suing former fund manager Neil Woodford and his new investment service, accusing them of providing regulated investment advice and making financial promotions without authorisation.
The Financial Conduct Authority said it was seeking an injunction against Woodford and W4.0, the online subscription-based service he launched last year, to stop them carrying on “the potentially unlawful activities”.
Woodford and W4.0, which is registered in the United Arab Emirates, did not immediately respond to Reuters’ requests for comment. W4.0’s website says it exists “to explain active investment strategies”, rather than to provide financial advice or investment management.
The website also says: “We are not regulated by the FCA or any other regulatory body, and we do not provide financial advice. That’s deliberate.”
Last August, the financial watchdog fined Woodford and his company, Woodford Investment Management, a combined £45.9 million over management failures of a one-time flagship fund that collapsed in 2019.
(Reporting by Muvija M and Sam Tabahriti; additional reporting by Sarah Young; editing by Andrew Heavens)
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