Neil Woodford's downfall

[wavyneighbour]

Anyone else upset by this?

I was lured as a new investor into investing much of my small inheritance into Woodford funds and WPCT a few years ago by all the aggressive marketing and hype from Hargreaves Lansdown, and the huge quantity of positive publicity they gave the man …. until just about a week ago. Paid for financial advice last summer too, and got flogged yet more Woodford funds - despite my misgivings and direct querying of their advice - and I'm not an even an expert!!

So on May 16th (just before the proverbial hit the fan) H Lansdown CEO Mark Dampier and spouse just sold up millions in their own shares in Hargreaves Lansdown, a platform deeply associated with all the Woodford funds - most of which they have doggedly kept on promoting in their 'Wealth 50' (top fund) recommendations, against all the obvious evidence of Woodford irresponsible management and rubbish performance. What fortunate timing! They're now £1.15 million better off today than if they'd hung on to their shares till yesterday. See Ben Martin's article in Times Business section today.

Where's the FCA?

I and my son are much poorer now.

My IFA colleague was advocating this fund until earlier this year but obviously spotted something as he managed to move all his clients' money out in time.

@StCharlotte my advisor didnt spot it in time and gad no idea I ‘d invested in it. Very worrying when you’re paying feed for supposed ‘fund management.’

Yeah, fortunate timing indeed that they pulled out right before the shit hit. What’s the chances of that being a coincidence? I genuinely don’t know about this situation or if there was enough info out there and they legitimately picked up on it or if it was Insider trading? If enough info why did the financial advisors not pick up on it? If not, coincidence? Um surely not?

If enough info why did the financial advisors not pick up on it?

Possibly because they're not complying enough with reviews etc. We were (past tense as I've left) a very small outfit with relatively few but very high net worth clients, added to which my colleague had an amazing memory for who had what (plus the search facility on the system of course).

Given that IFAs did spot it, perhaps you could put in some sort of complaint/claim on that basis?

There was certainly plenty of time to move funds before it was frozen.

I never even gave him my money, or more importantly my clients money. HL should be investigated. Who has actually complained to HL though?

For anyone wondering why HL aren't being investigated, their major shareholder Peter Hargreaves has made large donations to the Conservative Party and Johnson's leave campaign.

A few million in some back packets can buy a whole lot of silence.

I have no money in Hargreaves nor Woodford.

Hargreaves is too costly.

Woodford is a go to guru who can do no wrong.

They played on your greed. You are not innocent in this. You facilitated their behaviour.

Without you these type of companies and individuals would not exist.

What did you expect.

Yes darkclouds, that’s exactly how it happens. Do you feel better for getting that off your chest?

@Yeahyeahyeahyeeeeah

Yes to the first part and no to the second.

Thank you for your interest.

@darkcloudsandrainstorms
You clearly don't understand sarcasm either... although to be fair when you live in your own world, perhaps it's not something that features.

@Yeahyeahyeahyeeeeah

Well done and keep up the good work with your clients money.

Thank you for your interest.

The Financial Times has an article on the short selling of Hargreaves Landsdowne.

The vultures are gathering.

It’s feeding time.

I sold my investment in Woodford's fund when things started to go wrong with Capita, and was surprised when Hargreaves Lansdown continued to keep the fund on its star list - can only think it was in their commercial interest to do so.

If you have a SIPP/Stocks and Shares ISA, you do need to keep up to date with what's happening in financial markets and check funds regularly against a few sources e.g. Trustnet, Morningstar etc and check where your fund is invested.

But surely that’s what you pay your IFA for? We had four meetings last year and mine never mentioned this.

I am not invested in any Woodford funds. I looked at them but didn't like the risk from it being new and in reality the risk of what happened actually happening

However, to be fair to him, he was always very very clear what the aim of these funds were. Long term investments that would have some volatile and needed time to mature. I don't know but I guess the misspelling is more on Hargreaves part as reading some stories on here...this fund was patently unsuitable.

I have an IFA and frankly his view about offering me Woodford funds despite me being a medd to high risk investor was he would want a disclaimer signing against advice offered !!

So I think some people look like they have been miss sold!!