Three years after Woodford's 基金 崩壊（する） 投資家s need answers: JEFF PRESTRIDGE 需要・要求するd some but met a WALL OF SILENCE

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落ちる from grace: The once 称讃するd 基金 経営者／支配人 Neil Woodford

This Friday, the nation will be into day two of a joyous four-day 祝賀 of the Queen's Platinum Jubilee.?

Street parties will take place, and red, white and blue bunting will be to the fore.?

There will be dancing and partying long into the night and over the 週末 ? and I 計画（する） to be part of it.?

But June 3 will also 示す another 周年記念日, which, for those ensnared in it, will not be a joyous one at all.?

There will be no 祝賀s, just a sense of betrayal, of 存在 let 負かす／撃墜する, of 存在 legged over, forgotten and 嘆願s for 財政上の 司法（官） 存在 met with a 塀で囲む of silence.?

Why? 井戸／弁護士席, it will be three years to the day since Neil Woodford, at the time one of the country's most 称讃するd 基金 経営者／支配人s, was 軍隊d to 一時停止する 取引 in his showcase 投資 乗り物, Woodford 公正，普通株主権 Income.?

A £3.7billion 基金 that at its 高さ was valued in 超過 of £10billion ? and which hundreds of thousands of 投資家s depended upon as part of their 退職 財政／金融s.?

And a 基金 that has now been 取り去る／解体するd as a result of possible mismanagement, crystallising £1billion of losses for some 400,000 投資家s. It's considered by some as one of the biggest 投資 スキャンダルs of our lifetime.?

Egged on by glowing 推薦s from high-profile companies such as wealth 壇・綱領・公約 Hargreaves Lansdown, 投資家s thought that when it （機の）カム to 投資するing, Woodford, with more than 30 years of 投資するing under his belt (most of it at Henley-on-Thames-based Invesco Perpetual), could walk on water.?

He couldn't. By the end, he had got too big for his boots, deluded by 存在 made a 指揮官 of the British Empire in 2013 for 'services to the economy' ? and setting up a 商売／仕事 (Woodford 投資 管理／経営) where he could make 投資 決定／判定勝ち（する）s without 存在 accountable to anyone.?

He 支配するd the roost, a dangerous 管理／経営 戦略 in an 産業 where the challenging of 投資 決定／判定勝ち（する）s by peers is often seen as?healthy, 慎重な and a 保護（する）／緊急輸入制限.?

Woodford 公正，普通株主権 Income was 一時停止するd because a big 法人組織の／企業の （弁護士の）依頼人 ? Kent 郡 会議 ? 手配中の，お尋ね者?its £263million 火刑／賭ける sold and Woodford couldn't find enough liquid 資産s within the 大臣の地位 to 会合，会う its request.?

Although 公正，普通株主権 income in 指名する, the Woodford 基金 had become more akin to a 投機・賭ける 資本／首都 基金, with big holdings in start-up companies, many of them unlisted, 無益な and imposs?ible to sell.?

Sadly, June 3, 2019, was the beginning of the end for Woodford 公正，普通株主権 Income and Neil Woodford's Oxfordshire-based Woodford 投資する??ment 管理／経営. 中断 was followed by the 基金's break-up, ordered by its overseer, the authorised 法人組織の／企業の director, Link 基金 解答s.?

As a result, most of the 基金's?資産 s ? 妨げる／法廷，弁護士業 an illiquid 残余 ? have now been flogged off and the proceeds passed on to the 400,000 投資家s. Other Woodford 基金s, such as 投資 信用 患者 資本／首都 and Income 焦点（を合わせる）, have been taken over by 競争相手 資産 経営者／支配人s ? Schroders and Abrdn それぞれ.?

Yet time has 傷をいやす／和解させるd no 負傷させるs. An 調査 into the 基金's 中断, 始めるd nearly three years ago by City regulator the 財政上の 行為／行う 当局, has (scandalously) yet to be 完全にするd.?

This has fuelled 関心s that no one will ever be held accountable for the losses that 公正，普通株主権 Income 投資家s have incurred.?

So, Neil Woodford has yet to be 非難d.?

At best, he 不正に managed the 基金 by taking the 大臣の地位 far away from its 公正，普通株主権 income 簡潔な／要約する ? which was to typically 投資する in big UK companies such as タバコ 在庫／株s that pass on a big chunk of their 利益（をあげる）s to 株主s by way of （株主への）配当s.?

Nor has Link 基金 解答s been held to account. Its 義務 was to 確実にする Woodford managed the 基金 in line with its 委任統治（領）.?

Nor for?that 事柄 has wealth 壇・綱領・公約 Hargreaves Lansdown a nd some 財政上の 助言者s who were happy to keep 支援 Woodford even though it was obvious in 2018 and 早期に 2019 that the wheels were beginning to 落ちる off his bus.?

As we said in our Wealth section at the time: 'Is it time to 捨てる Neil Woodford?'?

That article ran に向かって the end of March, 2019 and the answer from every 財政上の 専門家 we spoke to 妨げる／法廷，弁護士業 one (Hargreaves Lansdown) was that 投資家s should run for the hills.?

Yet the 焦点の point of most 現在の 批評 is the FCA. As one Woodford 公正，普通株主権 Income 投資家 told me last week: 'Over £1billion of 投資家s' money in this 基金 has been lost, written 負かす／撃墜する or paid over in 料金s in 基金 勝利，勝つd-up 契約s.?

'Yet no one has been held to account ? and not a 選び出す／独身 word of?comment, 非難 or 批評 has been 問題／発行するd by the regulator: an organisation 特に created with the 客観的な of 保護するing individuals from 財政上の malpractice.'?

As an aside, he also said: 'Thank you for your 非常に／多数の articles in The Mail on Sunday over the past three years, 持つ／拘留するing those 責任がある the break-up of Woodford 公正，普通株主権 Income to account.

'In the 現在の challenging 財政上の 気候, many pensioners like myself would welcome some modest 補償（金） for the life 貯金 we lost.'?

Palatial: The offices of Neil Woodford's?new 会社／堅い in? Marlow

Some 投資 専門家s are also scathing in their 批評 of the FCA. の中で them are 高度に regarded 基金 経営者／支配人 Alan Miller and 堅い-talking 投資 専門家 Brian Dennehy.?

Miller does not mince his words. 'The 汚い 無分別な that is the Woodford スキャンダル has cost 公正，普通株主権 Income 投資家s more than £1billion.?

'Yet the FCA has done nothing ? no one has been 逮捕（する）d, nobody has been 一時停止するd from their work and nobody has been 罰金d. It?has not 行為／行うd its enquiry in a timely manner and it has yet to 始める，決める up an 投資家 是正する 計画／陰謀.'?

Miller says the losses 苦しむd in previous 投資 スキャンダルs such as Arch Cru (£120million), London 資本／首都 & 財政／金融 (£230million) and the British Steel 年金 計画／陰謀 (£221million) are a fraction of those 苦しむd by 公正，普通株主権 Income 投資家s.?

Yet a 是正する 計画／陰謀 ? or any form of 補償（金） ? seems years away. His belief is that 補償（金） is most likely to come 経由で?class 活動／戦闘s taken by （人命などを）奪う，主張するs companies. Yet these （人命などを）奪う，主張するs could take until 2026 to be settled ? longer if challenged.?

There is more. The 共同の 創立者 of 資産 経営者／支配人 SCM Direct says the 範囲 of the regulator's 調査 is far too 狭くする, centring on the 基金's 中断 when it should be far broader and g o 支援する?その上の.?

For example, Miller says that at the end of 2014, the regulator ignored 'red 旗 警告s' in the 年次の accounts for 公正，普通株主権 Income that 確認するd the 基金's 30 per cent （危険などに）さらす to illiquid 資産s. He believes the regulator should also be 調査／捜査するd.?

基金?専門家's Dennehy also believes that the FCA is culpable. He says: 'If they had not been asleep at the wheel, the Woodford?debacle would never have ended as it did. But I 恐れる the most 損失ing reputational 危険 is not to the regulator, who is invisible to the 投資するing public, but to the 財政上の services 産業.'?

He 追加するs: 'The 危険 is a strike by 投資家s, who will 辞退する to 投資する for their 未来 with an 産業 whom they no longer 信用.'?

Brian Dennehy: The 危険 is 投資家s will 辞退する to 投資する for their 未来 with an 産業 whom they no longer 信用

Dennehy reckons it is time for the 財務省 Select 委員会 to start?kicking regulatory backsides again. 早期に this year, 議長，司会を務める of the 委員会 Mel S tride, 勧めるd the FCA 'to 配分する the 資源s 要求するd to enable as swift a 結論 to their 調査 as possible'.?

Last week, The Mail on Sunday asked to talk to Neil Woodford. Through his former public relations 助言者, we were told he 'would rather not speak'.?

What Woodford is 現実に up to?at the moment remains something of a mystery. Earlier this year, it was 確認するd that he had 始める，決める up a new company called WCM Partners, operating out of rather grand, serviced offices in Marlow, Buckinghamshire.?

Its 役割, we were told, would be to advise on the 大臣の地位 of 生命科学s companies acquired by US company Acacia 研究 in June 2020 from the 難破 of Woodford 公正，普通株主権 Income.?

Clifford 圧力（をかける）, 長，指導者 (n)役員／(a)執行力のある of Acacia, said of Woodford: 'I've met a few of the really 伝説の 投資家s, and when I met Neil I knew I was standing in the presence of a truly exceptional 投資 経営者／支配人.'?

WCM Partners was 始める，決める up with trusty 同僚s from Woodford 投資 管理／経営 ? Craig Newman and Paul Green.?

Yet on Friday, its website was incomplete, while no one in the Marlow offices or the 経営者／支配人s of the 所有物／資産／財産 ? Exeid ? could or would 確認する that Woodford still rented space there.?

Acacia was asked to 確認する whether WCM Partners was still giving it 投資 advice. However, no 返答 was 来たるべき.?

We sought a comment from Hargreaves Lansdown on the 失敗 of the 財政上の 行為／行う 当局 to 問題／発行する its 報告（する）／憶測 into Woodford.?

It said: 'No comment from us, thanks for checking.'?

Link 基金 解答s was 招待するd to comment on whether its 決定／判定勝ち（する） to break up Woodford 公正，普通株主権 Income was, with the 利益 of hindsight, the 権利 one ? 同様に as on the FCA's 現在進行中の 調査. It 拒絶する／低下するd to comment.?

A 塀で囲む of silence. The 広大な／多数の／重要な 塀で囲む of silence.