Jersey regulator hasn’t received application from Woodford’s new firm
The Jersey regulator has said it has not received any authorisation application from Neil Woodford’s new investment vehicle, WCM Partners.
The veteran investor recently apologised for the collapse of his investment company, announcing comeback plans to launch his new biotech focused outfit in Jersey and Buckinghamshire.
The Jersey Financial Services Commission released a statement today saying it is “disappointed to see this announcement in advance of either receiving or processing any application from this company for authorisation to conduct licensed business as an investment management firm in Jersey.”
The trading name WCM Partners has been reserved in the Jersey Registry, the regulator added.
It comes just a day after the Financial Conduct Authority announced Woodford’s comeback was subject to securing its permission.
“In taking any decision on whether to authorise a firm, we consider whether it is ready, willing and organised to comply, on a continuing basis, with our requirements and standards. That includes, for example, the sustainability of the firm’s business model and the fitness of its management,” the FCA’s director of enforcement and market oversight, Mark Steward said.
In a highly unusual statement, the FCA said it was in contact with Jersey’s financial services watchdog over the proposed new firm.
The City watchdog is currently investigating the circumstances leading up to the suspension of Woodford’s flagship fund which saw investors lose millions.