Woodford Campaign Update 5
19 May 2021

1. Leigh Day, whose claim ShareSoc has endorsed, submitted their Letter Before Action (LBA) to Link in March and are still awaiting a response. Leigh Day are preparing assiduously for all eventualities re claim vs Link.

2. We urge everyone to tell their Friends and Family about the Campaign, Leigh Day Claim and the webinar. Around 500,000 may be eligible to claim, but so far less than 5% have done so. Please spread the word! Potentially claimants can recover up to 70% of losses, depending on which claim they join.

3. Leigh Day, with their marketing campaign #Woodfordpayback to attract new claimants, now has over 10,000 registered. You may have seen the broken piggy bank in their adverts.

4. The ShareSoc Woodford Campaign (which is aimed at improving regulation and holding wrongdoers to account) now has 850 members.

5. The ShareSoc Woodford Forums provide the opportunity to put your point of view, ask questions, learn more and participate in a network of interested investors. See https://www.sharesoc.org/forums/forum/sharesoc-woodford-campaign-forum/

6. The ShareSoc/ Mello Events, Woodford Debacle – Reflections, Redress and Reform on 9th March attracted 947 registrants and the recording can be watched at https://www.youtube.com/watch?v=fJkfyOGF5v0 : reviewing in detail what went wrong with Woodford, the various claims for redress, what steps investors should take, including how to claim.

7. Two other claims (from RGL and Harcus Parker) have submitted letters before action, but neither has insurance cover (yet). The RGL claim which is against Link and Hargreaves only has partial funding. A comparison of the four ongoing claims is at https://www.sharesoc.org/blog/collective-investments/comparison-of-woodford-claims/

8. We met with the Financial Ombudsman on 7th May. They have received 549 claims so far relating to Woodford, Link, Hargreaves and IFAs. They have resolved 3 at final decision stage and these were simple cases against IFAs. We were given no evidence to suggest that the FOS route is likely to have a quick nor successful resolution, except perhaps for claims against IFAs. In view of this, ShareSoc continue to endorse the Leigh Day claim.

9. There continues to be huge press coverage of Woodford. The press is very critical of Woodford, Hargreaves and the FCA. Daily Mail editor Alex Brummer has called for Hargreaves “to set up a voluntary fund for restitution to loyal but betrayed clients”. I agree with Alex. Our Forum has links to Woodford press stories: https://www.sharesoc.org/forums/topic/latest-news/page/2/#post-18118

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