FCA seeks injunction against Neil Woodford over
The financial watchdog has launched civil proceedings against former star fund manager Neil Woodford and his comeback venture over allegedly providing unauthorised investment advice.
The Financial Conduct Authority (FCA) has started civil proceedings against Woodford and W Four Point Zero FZE, which trades as W4.0.
The FCA alleges that Woodford and W4.0, which is registered in the United Arab Emirates, are providing investment advice and making financial promotions through its subscription based platform, w4pz.com, without authorisation.
The regulator said in a statement on Monday: “In the FCA’s view, the activity breaches sections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).
“The FCA is seeking an injunction against Mr Woodford and W4.0 to stop them carrying on the potentially unlawful activities.”
The claims follow the regulator engaging with Woodford over whether his activities require authorisation, warning last August that if so, “he’d need to apply to us or risk breaking the law”.
The service offers subscribers information on portfolios of stocks assembled by Woodford.
Woodford launched his latest venture in 2025, before the FCA fined him and his prior firm, Woodford Investment Management (WIM), £46m last August, for “failures” in managing his equity income fund.
Investors attempted to withdraw cash faster than the fund could pay out over concerns surrounding its high exposure to illiquid and unquoted shares.
The fund’s sale of liquid assets and acquisition of illiquid ones meant WEI was unable to meet rules in place at the time, which stated investors should have been able to access their funds within four days.
The FCA determined that Woodford and the fund “made unreasonable and inappropriate investment decisions” between July 2018 and June 2019.
Woodford was fined £5.9m, while WIM was slapped with a £40m fine.
The collapse of the fund left thousands of investors suffering substantial losses, with many still cash trapped when the fund was suspended.
The financier argued he thought “long and hard” about the reasons for the fall of WIM in 2019, claiming he “learnt much from it”.
The FCA also banned him from holding senior manager roles and from managing funds for retail investors, which said at the time it was provisional as both Woodford and the company planned to challenge them, while Woodford previously attempted a comeback in 2021.
The W4.0 website states: “We exist to explain active investment strategies – with full transparency – so you can see what’s inside, why it’s there, and the thinking behind it.
“We are not regulated by the FCA or any other regulatory body, and we do not provide financial advice. That’s deliberate.
“If you are looking for advice or for someone to manage your money, W4.0 is not the community for you.”
Woodford and W4.0 were approached for comment.