Consultant and staffing costs surpass £510k at Woodford IM as a result of FCA investigation

£4.5m loss for year ended 31 March 2021

James Baxter-Derrington
clock • 1 min read

Consultant and staffing salaries at Woodford Investment Management topped more than half a million pounds over the year to 31 March 2021, as costs associated with the Financial Conduct Authority's investigation into the collapse of Woodford Equity Income begin to mount.

According to the year end accounts, wages and salaries of £510,250, along with social security costs of £119,204 and other pension costs of £29,000, for a total remuneration of £658,454, was spent over the year. While the accounts only show two remaining members of staff and directors, Craig Newman and Neil Woodford were not the recipients of the wages, although it is unknown how many consultants and employees did receive this remuneration. Woodford sounds out Middle East investors The accounts represent the first full year with no funds under management at the investment firm, fol...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Spring Budget 24: Monitoring framework for Mansion House Compact announced
UK

Spring Budget 24: Monitoring framework for Mansion House Compact announced

Working with ABI to ‘finalise a framework’

Jonathan Stapleton
clock 06 March 2024 • 1 min read
Spring Budget 24: Chancellor 'remains committed' to pot for life reforms
UK

Spring Budget 24: Chancellor 'remains committed' to pot for life reforms

Undertake 'continued analysis and engagement'

Martin Richmond
clock 06 March 2024 • 1 min read
Friday Briefing: Budget Day looms
UK

Friday Briefing: Budget Day looms

Friday Briefing

Eve Maddock-Jones
clock 04 March 2024 • 3 min read
Trustpilot