Harcus Parker accuses FCA of 'inaccurate summary' regarding potential third party Woodford claims

‘Practical bar makes it impossible’

James Baxter-Derrington
clock • 3 min read

Harcus Parker, a law firm representing around 7,500 investors in the former Woodford Equity Income fund, has accused the Financial Conduct Authority of providing an “inaccurate summary” of claimants’ potential recourse for legal action against third parties, if the scheme of arrangement is implemented.

Writing to claimants, Harcus Parker senior partner Damon Parker offered a trio of reasons to vote against the proposed redress scheme, including an insufficient payout and the relinquishing of rights regarding potential Financial Services Compensation Scheme claims. "The practical effect of the redress scheme is to prevent investors from legally pursuing Link and the other entities that played a part in causing their losses," Parker argued. "Note that the FCA denies this and has recently published an inaccurate summary of the position on its website." Harcus Parker urges Woodford inve...

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 Regulation

Deep Dive: 'Confusing' post-Brexit regulation still needs 'ironing out'

Deep Dive: 'Confusing' post-Brexit regulation still needs 'ironing out'

Impact not fully understood

Cristian Angeloni
clock 16 February 2024 • 4 min read
FCA quizzes 20 advice firms on Consumer Duty compliance

FCA quizzes 20 advice firms on Consumer Duty compliance

Focus on ongoing services

Sahar Nazir
clock 15 February 2024 • 1 min read
FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

The watchdog records 17% surge in interventions to protect consumers

Sahar Nazir
clock 14 February 2024 • 1 min read
Trustpilot