Neil Woodford, the former head of the W4.0 investment trust, has been hit with an FCA injunction for providing regulated advice and financial promotions without the required authorisations. The enforcement action follows a series of allegations that Woodford mis‑sold private equities and shifted assets to Guernsey to sidestep UK rules, while still touting a 35‑year track record and 10.5% returns.

FCA issues injunction against Neil Woodford for unauthorised advice

The Financial Conduct Authority announced on Tuesday that it had secured a court injunction to stop Woodford from continuing to offer regulated investment advice. According to the FCA, the advice and promotions were given without the licences required under UK law, a brreach that can attract severe penalties. The regulator’s move is being framed as a corrective step after criticism that it was slow to act on the collapse of Woodford’s flagship fund.

Woodford’s W4.0 website touts 35‑year record and 10.5% returns

The W4.0 platform, still operated by Woodford, claims a “35‑year record of conviction and long‑term investment decisions” and advertises a 10.5 per cent return figure. However, the FCA’s investigation revealed that the Equity Income Fund was stuffed with unquoted private stocks and later moved to the Guernsey stock exchange to avoid UK oversight. This manipulation calls into question the credibility of the performance claims that continue to attract investors.

£46 million fine underscores regulator’s penalty for past failures

The FCA has levied a £46 million fine on Woodford for the “failures” that led to the collapse of his flagship fund, a penalty that reflects the scale of the alleged misconduct. As the regulator noted, the fine is intended to deter similar breaches and to compensate harmed investors where possible. Woodford has publicly disputed the findings, but the fine remains a stark reminder of the financial fallout from his investment strategies.

Unresolved probe into Hargreaves Lansdown’s role in the Woodford saga

Critics argue that Hargreaves Lansdown, which promoted Woodford’s trusts to its client base, has not been fully examined. The FCA’s full probe into the collapse and its enforcement actions has never been completed, leaving “unfinished business” with the brokerage firm, according to industry observers. New ownership at Hargreaves Lansdown has sparked concerns about a “Wild West” of Gulf‑linked capital entering the UK market, adding another layer of regulatory scrutiny.

Who will face further FCA scrutiny after Woodford’s case?

While Woodford’s injunction is the headline, the FCA has signalled that other parties involved in the Woodford trusts could also be targeted. According to the regulator’s statements , any entity that facilitated unauthorised promotions may be subject to further enforcement. The outcome of this broader investigation will shape how UK investors are protected from similar schemes in the future .