Woodford Campaign Update 6
10 July 2021

1. Leigh Day, whose claim ShareSoc has endorsed, submitted their Letter Before Action (LBA) to Link in March and Leigh received a reply from Clifford Chance (on behalf of Link) in June, which they are now reviewing.

2. The FCA published a new report on Authorised Fund Managers (also referred to as ACDs), on 30 June. This highlighted the importance of the role Link should have played and in our view further supports the strength of the Leigh Day claim. Our comments are in this blog. https://www.sharesoc.org/blog/collective-investments/fca-afms-acds-high-fees-for-inappropriate-products-closet-indexers/

3. Sadly the FCA has still not published its report into Woodford. It should expedite this and it would have been useful input to publish in parallel with its report on AFMs. We shall make this point when we meet the FCA later in the month.

4. 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.

5. The ShareSoc Woodford Campaign (which is aimed at improving regulation and holding wrongdoers to account) now has 887 members. 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.

6. There continues to be huge press coverage of Woodford. The press is very critical of Woodford, Hargreaves and the FCA. Our Forum has links to Woodford press stories: https://www.sharesoc.org/forums/topic/latest-news/page/2/#post-18118

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. 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/

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