It is expected that Bob Blackman, chair of the all-party parliamentary group on personal banking and fairer financial services, will send a letter to Bim Afolami, the Treasury’s economic secretary, calling for a review of the FCA’s “poor handling” of the Woodford scandal.
According to the group, more than 300 supporters have already signed up for the letter, so they are now inviting others to sign it.
According to the letter, Afolami should explain to the City minister why Woodford investors feel terribly let down by the FCA and what could be done to finally ensure they are treated fairly and justly.
An investor compensation scheme of £230mn is being voted on as part of a proposal.
A settlement fund worth up to £230 million would be available for distribution in 2024, with a distribution range of 183.5 million to 200 million. Those affected can register to vote by December 4 and meeting to vote on the proposal will take place online on December 13.
In order for the compensation scheme to succeed, 75 percent of the scheme creditors’ value must be approved, along with a majority of the creditors’ number. The vote is scheduled for December 15; the result needs to be announced by then.
