The regulator 's Financial Conduct ##ance ( FCA ) has initiated a formal investigation into the LF Woodford Equity Income Fund , after the offering was suspended at the beginning of June . The regulator has been looking into the fund 's liquidity issues for more than a decade , said FCA CEO Andrew Bailey . The FCA is examining how the fund trades in illiquid securities listed in Guernsey . By 30 April , 33 % of the assets in the fund were estimated to take more than 180 days to liquidate , above the 10 % threshold for unlisted securities held in investment pools , according to the FCA .
The UK's Financial Conduct Authority (FCA) has started a formal investigation into the LF Woodford Equity Income Fund, after the offering was suspended at the beginning of June. The regulator has been looking into the fund's liquidity issues for more than a year, said FCA CEO Andrew Bailey. The FCA is examining how the fund invested in illiquid securities listed in Guernsey. By 30 April, 33% of the assets in the fund were estimated to take more than 180 days to liquidate, above the 10% limit for unlisted securities held in investment funds, according to the FCA.