Harcus Parker, a law firm representing around 7,500 investors in the former Woodford Equity Income fund, has accused the Financial Conduct Authority of providing an “inaccurate summary” of claimants’ potential recourse for legal action against third parties, if the scheme of arrangement is implemented.
Writing to claimants, Harcus Parker senior partner Damon Parker offered a trio of reasons to vote against the proposed redress scheme, including an insufficient payout and the relinquishing of rights regarding potential Financial Services Compensation Scheme claims. "The practical effect of the redress scheme is to prevent investors from legally pursuing Link and the other entities that played a part in causing their losses," Parker argued. "Note that the FCA denies this and has recently published an inaccurate summary of the position on its website." Harcus Parker urges Woodford inve...
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