UK FCA Fines Woodford £46 Million After His Fund Collapsed

The UK’s Financial Conduct Authority fined Neil Woodford, the once-renowned investment manager, and his fund empire a total of £46 million ($61.1 million) over shortcomings in the lead up to the fund’s collapse.

Woodford himself was fined £5.88 million, one of the largest ever individual penalties, and banned from holding senior manager roles in the industry and managing funds for retail investors, according to a statement on Tuesday. Woodford Investment Management received a fine of £40 million. Both Woodford and the company are challenging the decision in the Upper Tribunal.