Neil Woodford (pictured) launched W4.0 in April 2025, which was described as a "community platform" where investors could download and enact his strategies via their own accounts.
The Financial Conduct Authority has opened civil proceedings against Neil Woodford and his new investment platform W4.0 for “operating without authorisation”.
The regulator alleged that Woodford and W4.0 provided regulated investment advice and financial promotions through the subscription-based platform www.w4pz.com without authorisation.
It said this constituted a breach under sections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).
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The regulator is seeking an injunction against Woodford and the UAE-registered W4.0 to stop them carrying on with what it believes are potentially unlawful activities.
Investment Week previously broke the news the FCA was looking into W4.0, which Woodford launched in April 2025.
At the time, the company described the new venture as a "community platform" where investors could download and enact Woodford's strategies via their own accounts.
Woodford explained: "Because we are not bound by the constraints of fund launches or minimum sizes, I can share more strategies, more ideas, and more updates than would ever be possible in a traditional fund structure.
"At its heart, W4.0 is a community platform — a place for investors who believe in research-led, long-term investing. I will be there too, sharing insight through video, writing, live sessions, and active discussion groups."
At the time of the launch, the disgraced fund manager was criticised for targeting retail investors again, while compliance questions were raised about his plans, as well as operational issues regarding access via retail platforms.
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Woodford and Woodford Investment Management (WIM) were fined a cumulative £46m by the regulator in August 2025 over failures in managing the former Woodford Income Equity fund.
Woodford himself was issued with a ban from holding senior manager roles and managing funds for retail investors alongside a fine of £5.8m, while his company received a penalty of £40m.
Both Neil Woodford and WIM have appealed the FCA's decision notice to the Upper Tribunal.
This is a breaking news story. Woodford and W4.0 have been contacted for comment.
