Commenting on the letter sent by the FCA to the Treasury Select Committee in relation to the investigation into Woodford Equity Income fund, Ryan Hughes, head of active portfolios at AJ Bell said:
“The update today from the FCA to the Treasury Select Committee on the investigation into the Woodford debacle seems to show that the investigation is moving forwards, albeit maybe not quite at the pace that many would be hoping for. It’s interesting to note that the FCA says that all key interviews have been completed and they are now working through over 20,000 pieces of material in relation to the fund and its demise.
“Clearly, this is a large and complex investigation that involves many different aspects and the FCA will want to ensure that every element of it is thoroughly investigated. As such, it seems likely that it will be some time before any report is complete and therefore it looks as if investors in the Woodford fund will still have many questions unanswered over two years after the fund initially suspended. For many, this is a process that is taking too long but at the same time, it’s vital that for credibility and confidence in the investment industry, that the investigation looks into every aspect so that we don’t have the same mistakes happening again.”