Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Judge approves Woodford settlement scheme
(Sharecast News) - A potential line was drawn under the long-running Woodford funds scandal on Friday, after a high court judge approved a scheme to return money to investors. The £230m settlement scheme, which is backed by the Financial Conduct Authority, was approved last December by 94% of those who had money in the fund.
In a judgement published on Friday, Justice Jonathan Richard said: "Having considered the matter in detail I see no reason to gainsay the conclusion of the overwhelming majority of scheme creditors at the court meeting.
"I will sanction the scheme."
Transparency Task Force, which lobbies for reform of the financial sector, said it was disappointed by the decision, and was considering appealing.
Parties have until 23 February to challenge the ruling.
The judgement, which was published on Friday, could mark the end a five-year saga that started with the suspension of the Woodford Equity Income Fund (WEIF) in June 2019.
A former star picker, Neil Woodford restricted withdrawals from the £2.9bn fund after values started to plunge, leaving investors unable to access their money. It was finally closed in October 2019, locking investor funds in.
The fund was widely criticised for holding illiquid assets that made it harder to meet redemption calls following months of underperformance.
The settlement deal, which is less than the total losses of £298m, will see investors recover around 77p in the pound.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.