Former City minister Lord Myners told Sky News that the Financial Conduct Authority has failed adequately to protect investors and the industry may represent"the next great mis-selling scandal".
When they sought to remove their funds Mr Woodford could not raise the money and the fund was suspended, trapping investors.Mr Woodford and his business partner continued to pay themselves hefty dividends in the build-up to the collapse,Martin Whybrow, a Green Party councillor, told Sky News:"We are looking at a loss from our pension fund of around £60m, 23% of the overall investment.
He invested £23,000 of his pension pot in funds run by Mr Woodford and has already lost £6,000 selling shares in one fund at a loss."Once they froze the fund the price has gone down and down, in the last week it's gone down over 5% and I think 25% to 30% since the fund were closed, not being able to touch your money and cut your losses has been extremely frustrating," he said.
It is expected to examine whether rules requiring open-ended funds, which can be bought and sold daily, to have sufficient liquid assets, are robust enough. "The FCA backs off into saying it is not our job to stop people making their own decisions, even if they are bad decisions.
No good asking torys for help torys want to get rid of pensions work until you drop
Pension funds were gone years ago. Gambled away by the Ponzi's and Madoff's of the world. Our parents and grandparents hard earned money are just poker chips to these people
Shares can go up as well as down. They went down...
PhillipsBarrie I bet borris will help him out
You know they were picked based on how much they were willing to kick back to the investment committee. So f'em.
Yet they can claim an excessive salary and take bonuses !? Lol the losses come out of their pocket . Simple solution
The policy expansion for the pension funding capital expenditure national scale eith the investment resolution organisation engagment forum.
Less than 1% of the fund total. Absolute peanuts.
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Source: The Guardian - 🏆 84. / 53 Read more »