The collapse of the Woodford Equity Income Fund in 2019 led to significant financial losses for around 300,000 investors, prompting calls for an investigation from MPs. In 2023, the FCA initiated a 'redress scheme' promising to recover about 77p for every pound lost, but many investors find this misleading and restrictive. Ian Duffield, who lost approximately £100,000 alongside his wife after investing in the fund, expressed disappointment, realizing the scheme reduced their expected recovery based on previously received funds, severely affecting their quality of life.
When I first heard it, I thought... I'll end up losing, maybe 30-35K between us, which is not great, but in the scheme of things it would have been OK, a bit of a sigh of relief.
It has affected our lives. We had to not take holidays for a few years...but we're fortunate, I know people who've lost far lesser sums, but the impact has been much greater.
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