𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Neil Woodford-backed platform W4.0 has said it “rejects” the financial watchdog’s characterisation of the business after the Financial Conduct Authority (FCA) started legal proceedings.

The FCA alleged on Monday that former fund manager Mr Woodford and his business had been providing unauthorised investment advice and financial promotions.

The regulator therefore said it is seeking an injunction against Mr Woodford and the company to “stop them carrying on the potentially unlawful activities”.

In response, the W4.0 business, co-founded by Mr Woodford and Jon Adair, said it was “surprised the FCA chose to announce this publicly before any proceedings have been served on us”.

It added that the company has been in dialogue with the FCA over the past nine months and this has not yet concluded.

In a statement, the platform said it has made changes and adjustments to accommodate the FCA.

“We would have continued the dialogue and it is regrettable that the FCA has chosen to litigate instead,” it added.

“We were clear about W4.0’s purpose from the start: to inform and educate subscribers and to provide the research, analysis and commentary they need to make their own decisions.

“We deliberately informed readers that we were not regulated and did not provide financial advice.”

The platform said it is confident it sits outside the regulator perimeter and does “not accept the FCA’s characterisation of the service”.

Mr Woodford has been publishing podcasts and articles about financial markets and the economy on the W4.0 platform since 2024.

It comes after the former fund manager was provisionally banned from holding senior manager roles and managing funds for retail investors by the FCA last year.

At the time, the regulator also announced plans to fine Mr Woodford £5.89 million and his former fund company Woodford Investment Management (WIM) £40 million.

Mr Woodford and WIM referred the case to the Upper Tribunal to present their case for appeal.

The former manager’s flagship fund, Woodford Equity Income Fund (WEIF), was wound down in 2019 after investors tried to withdraw cash faster than the fund could pay out amid concerns over its high exposure to illiquid and unquoted shares.

The value of the WEIF had fallen from a high of more than £10.1 billion in May 2017 to £3.6 billion before its suspension.

Around 300,000 investors had cash trapped in the fund when it was suspended.