On the 7th September 2023 a proposed scheme for investors in the LF Equity Income Fund was announced, (formerly LF Woodford Equity Income Fund).

Following hearings in the High Court, the City regulator, the Financial Conduct Authority (FCA) has stated that investors who had money invested in the Woodford Equity Income fund when it was suspended in October 2019 could receive a share of £235m in redress. However, for the redress payment to go ahead it will need the approval of investors and it is dependent on the sale of Link Group’s Fund Solutions business.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA has stated the following:

“Creditors for Woodford Equity Income Fund should seriously consider the offer on the table – this is the quickest and best chance to obtain redress”.

“Although the redress scheme does not cover all losses, we consider it is in the interests of investors to seriously consider it,” she added.

Chambers said the proposed scheme “offers investors the best chance to obtain a better outcome than might be achieved by any other means”

She also warned investors who are considering joining litigation funds to not be led astray by “self-interested” and “unrealistic” offers of recovering more cash.

Subject to gaining shareholder approval and the sale of Link Group’s Fund Solutions’ business, investors will be notified in writing of the redress payment by Link Fund Solutions. The amount will also show on the quarterly Aegon/Fidelity FundsNetwork statements that are sent to clients by post.

For further information follow the link to the LF Equity Income Fund Scheme:
https://lfwoodfordfundscheme.com/