The UK financial regulator has launched civil proceedings against former star City fund manager Neil Woodford and investment platform W4.0 for operating without authorisation.
The Financial Conduct Authority (FCA) alleged that Mr Woodford and his business has been providing investment advice and making financial promotions, through a subscription-based platform, without authorisation.
It is seeking an injunction against Mr Woodford and the company to “stop them carrying on the potentially unlawful activities”.
The regulator said it believes his activity has breached two areas of the Financial Services and Markets Act.
Mr Woodford has been publishing podcasts and articles about investing on the W4.0 platform since 2024.
Mr Woodford and the company have been contacted for comment.
It comes after the former fund manager was provisionally banned from holding senior manager roles and managing funds for retail investors by the FCA last year.
At the time, the regulator also announced plans to fine Mr Woodford £5.89 million and his former fund company Woodford Investment Management (WIM) £40 million.
Mr Woodford and WIM referred the case to the Upper Tribunal to present their case for appeal.
The former manager’s flagship fund, Woodford Equity Income Fund (WEIF), was wound down in 2019 after investors tried to withdraw cash faster than the fund could pay out amid concerns over its high exposure to illiquid and unquoted shares.
The value of the WEIF had fallen from a high of more than £10.1 billion in May 2017 to £3.6 billion before its suspension.
Around 300,000 investors still had cash trapped in the fund when it was suspended.
