Friday 12 April 2024

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Financial Conduct Authority

Woodford Equity Income Fund redress - FCA publishes update - 10 November 2023

The FCA has published an update on the settlement scheme proposed by Link Fund Solutions Ltd (LFS) in relation to the Woodford Equity Income Fund (WEIF). The FCA announced a conditional settlement of its investigation into the circumstances leading up to the suspension of the WEIF, and LFS's role as authorised corporate director of the WEIF, in April 2023, as previously reported in this Bulletin.

The FCA considers that the scheme offers investors the quickest and best chance to obtain a better outcome than might be achieved by any other means. Scheme creditors have until 5 pm on 4 December 2023 to vote on the scheme, unless they wish to attend in person to vote, in which case they must request to do so by 5 pm on 30 November 2023.

The court has ordered LFS to convene a meeting of all affected investors to consider the scheme and, if thought fit, approve it. This meeting will be held on 13 December 2023.

Press release

Judicial review into redress for IRHP - FCA publishes detailed grounds of defence - 13 November 2023

The FCA has made available on its website its detailed grounds of defence in R (All-Party Parliamentary Group on Fair Business Banking) v FCA (AC-2022-LON-001500). The case relates to the judicial review claim brought by the All-Party Parliamentary Group on Fair Business Banking (APPG) regarding the FCA's decision, announced in December 2021, not to seek to use its powers to require any further redress to be paid to interest rate hedging product (IRHP) customers.

The FCA invites the Administrative Court to refuse the claim and not grant any relief, summarising its reasons.

FCA: Detailed Grounds of Defence - R (The All-Party Parliamentary Group on Fair Business Banking) v FCA (AC-2022-LON-001500

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