By PAUL O’DONOGHUE, Senior Correspondent
THE UK’s Financial Conduct Authority (FCA) has launched legal action against former fund manager Neil Woodford and W4.0, an investment platform.
The regulator alleges Woodford and W4.0 provided regulated investment advice and issued financial promotions without authorisation.
“The FCA is seeking an injunction against Mr Woodford and W4.0 to stop them carrying on the potentially unlawful activities.,” it said.
The FCA said it has started civil proceedings against Woodford and W4.0, the trading name of W Four Point Zero FZE LLC, a company registered in the United Arab Emirates.
According to the watchdog, the activity took place through the subscription-based platform w4pz.com.
In a statement, the FCA said: “The FCA alleges that Mr Neil Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform … without authorisation.”
Woodford launched W4.0 in April 2025. The platform offers model portfolios that subscribers can copy and modify by removing stocks they do not want.
Neil Woodford and W4.0
The case marks the latest regulatory challenge for the former star fund manager.
In August 2025, the FCA proposed fining Woodford almost £6 million and banning him from senior management roles in financial services. It also proposed a £40 million penalty against his former firm, Woodford Investment Management (WIM).
The sanctions relate to the collapse of the Woodford Equity Income Fund in 2019.
The FCA said Woodford and WIM made “unreasonable and inappropriate investment decisions” between July 2018 and June 2019. It alleged they sold liquid assets and increased exposure to investments that were harder to sell.
The £10 billion fund suspended trading in June 2019 after heavy investor withdrawals. The FCA said only 8% of its assets could be sold within seven days when trading stopped.
WIM has strongly disputed the regulator’s findings and plans to appeal. “There was never an indication that the FCA considered the management of the fund’s liquidity to be inappropriate. Or unreasonable,” WIM said.
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