ShareSoc News item by Cliff Weight.
The FT on Friday 21 May asked for views from investors with money trapped in Neil Woodford’s former fund. It said:
Nearly two years on from the collapse of Neil Woodford’s flagship fund, more than 300,000 investors are still waiting to recoup their money — and FT Money would like to hear from readers affected by the fallout.
The FT asked specifically about these 6 questions.
- As the liquidation process drags on, what impact has this had on your finances?
- Will the losses sustained force you to alter your retirement plans?
- Are you tempted to throw in your lot with one of the joint claims for compensation?
- Or do you fear claims for compensation will be a waste of time?
- Perhaps you are concerned that the City watchdog has yet to publish its findings into what went wrong?
- We’d also like to hear your views on Woodford’s plans to start a Jersey-based fund management business?
ShareSoc suggest it would be a good for the FT to get a wide range of views and urges all members with money trapped in Woodford funds to contact the FT Money team, who say it will be in confidence. Please email money@ft.com.
I am upset that Woodford has managed to lose half my investment of £80K when almost everyone else has achieved 10% or more growth annually, even index tracking funds.
1. Made a financial hole in my SIPP and ISA.
2. My pension will be smaller as a consequence.
3. I have joined Leigh Day to seek compensation.
4. May be a waste of time but the Financial Ombudsman has been no help.
5. I am concerned that the City watchdog is dragging its feet.
6.I don’t think Woodford should be allowed to start another business until this Woodford Debacle is resolved satisfactorily.
Woodford, Hargreaves Lansdown, Link, how these organisation were allowed to let this happen shows their alleged negligence. I still had Hargreaves Lansdown highly promoting Woodford’s fund so the notices that were in their words which was carefully worded by HL were in facts highly promoting a fund right until the day it collapsed – most probably due to they had a big stake with Woodford. Shame on them, especially the bonuses they paid themselves, bonuses should be awarded for success not failures. There must be a independent enquiry to shame these rogue businesses ready to bounce on unsuspecting novice clients who are only asking for fairness that their money is not gambled; in the way Woodford gambled with stocks that was not part of agreement of where stocks should have been invested.
I agree with Dylan. Hargreaves Lansdown are just as culpable as Link, indeed more so. As my money was with HL, I constantly expressed my concern to them only to be “fobbed off” with “We have every confidence in Woodford’s ability to turn things round”. They continued to promote his funds almost to the bitter end.
Woodford should not be allowed to start up again until this sorry saga has been fully investigated.
Whilst my losses are not as significant as for other investors, I have registered with Leigh Day to fight this case.
Woodford, Hargreaves Lansdown, Link, how these organisation were allowed to let this happen shows their alleged negligence. I still had Hargreaves Lansdown highly promoting Woodford’s fund so novice clients that were in their words which was carefully worded by HL were in facts highly promoting a fund right until the day it collapsed most probably due to they had a big stake with Woodford. Shame on them, especially the bonuses they paid themselves, bonuses should be awarded for success not failures. There must be a independent enquiry to shame these rogue businesses ready to bounce on unsuspecting novice clients, experienced who are only asking for fairness that their money is not gambled in the way Woodford gambled with stocks that was not part of agreement of where stocks should have been invested.