The fate of Neil Woodford will become clearer on Friday (28 May) as the Financial Conduct Authority (FCA) will update the Treasury Select Committee on its ongoing investigation into the collapse of the Woodford Equity Income fund.
The regulator has the power to fine or ban individuals or firms if they find wrongdoing.
Their investigation is focused on the behaviours of Woodford and Link Fund Solutions and whether they acted in the interests of all of its investors by reducing the liquidity of the fund, according to the Financial Times.
The FT said the FCA is also looking at if the parties have broken the "spirit of" rules.
Woodford, his business partner Craig Newman, and senior figures from Link Fund Solutions, have all been interviewed.
The update comes nearly two years after the fund was frozen and the FCA have been coming under increasing pressure to reveal its progress.
Earlier this year Woodford revealed he was establishing a new venture, Woodford Capital Management Partners.