Broker Hargreaves Lansdown’s boss has released a formal apology for ceasing the fund which it sold. Chief Executive Officer, Chris Hill said that clients have been frustrated and disappointed. Woodford Equity Income Fund which was handled by Neil Woodford ceased investors from cashing out this week. Mr. Woodford is one of the best stock pickers in UK. He has kept the fund on hold after huge number of investors has been asking for their money. Hill said that he would personally like to apologize to all those clients who had been affected due to the ongoing problems of Woodford Equity Income Fund. Their frustration and disappointment are understandable. Now, it would be their foremost priority to help them out and keep everyone informed.
Lord Myners, previous City Minister told that financial regulator of UK was expected to be more aware for the issues at Mr. Woodford’s investment fund. He also clearly informed that the Financial Conduct Authority had neglected prominent signs of warning that things were turning downside. Hill also said that their goal has always been to give the best service and options for permitting people to handle their investments smoothly and effectively. He also mentioned that the limitations of one fund should not prove to be the measuring ground of the advantages of best fund lists such as Wealth 50.
They are assured regarding the strength of their analyzing skills, research methods and finally putting together everything to make their favorite fund list. Their prime goal remains to ensure that the best value is provided to the customers. However, they have taken the initiative to review this particular situation in order to make sure that they take lesson from it. On Monday, Lansdown removed Woodford fund from the list of his favorites. Treasury Committee’s chairperson, Nicky Morgan mentioned that Woodford’s investors should not be asked to pay management fees during the time trading of the fund was ceased.