Neil Woodford, the once-celebrated fund manager behind the catastrophic collapse of Woodford Investment Management, is facing renewed calls to be stripped of his CBE after the Financial Conduct Authority (FCA) issued a damning final judgement.
An open letter has been sent to Sir Chris Wormald, Chair of the Honours Forfeiture Committee, by the Woodford Campaign Group and the Transparency Task Force. The letter urges the Committee to act swiftly and remove Woodford’s CBE in light of the FCA’s ruling.
The watchdog has fined Woodford £5,888,800 and banned him from holding senior management roles or managing retail investment funds. His former firm, Woodford Investment Management, has been fined £40 million for its role in the scandal.
The letter, signed by Andy Agathangelou FRSA, founder of the Transparency Task Force and co-founder of the Woodford Campaign Group, argues that the scale of harm caused by Woodford’s mismanagement is incompatible with the continued possession of an honour awarded “for services to the UK economy”.
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