City watchdog sues Neil Woodford for allegedly offering unauthorised investment advice

Move comes months after the FCA announced plans to ban the former investment star from holding senior City roles after collapse of popular equity fund The UK financial regulator is taking legal action against the former investment star Neil Woodford for allegedly offering unauthorised investment advice online, months after announcing plans to ban him from the City. The Financial Conduct Authority said it was seeking an injunction against Woodford and W4.0, a United Arab Emirates-registered company, to stop them carrying out “potentially unlawful activities”. “The Financial Conduct Authority (FCA) has started civil proceedings against Mr Neil Woodford and W4.0,” the regulator said in a short statement on Monday afternoon. “The FCA alleges that Mr Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform, www.w4pz.com, without authorisation.” It comes a year after the FCA announced it would ban Woodford from holding senior manager roles and managing funds for retail investors in the UK as a result of the collapse of his popular equity fund in 2019. Woodford’s equity fund was worth more than £10bn at its peak, b