Woodford - Update on PII

In October IFAC advised firms on the process for notifying Woodford holdings as a potential circumstance

Now in November we can relay a couple of items that have come up since.

• Model portfolios:  If you choose the funds, you’re on the hook - notify.
• Model portfolio that you put together following the model provided by DFM – you’re on the hook - notify.
• Model portfolio where manager chooses the fund (Myfolio Standard Life) – You’re okay
• Inside a fund - OEIC type – you’re okay
• Inside a DFM service run by third party - you’re okay

We have been promised an update from Howdens…and it is now overdue.

We have had a number of intimation of claims, but no actual “Formal claim” yet.  

When dealing with these emerging crises, it is important that you bring a long of people, at least initially, along the road with you – PII, IFAC and platforms/models.

The very worst approach to take is the roll up your sleeves and â€œI’ll take the lead on this one” approach, that is more suited to a different sort of crisis – perhaps your elderly client being unable to write a cheque for half a million due to Parkinson's disease. (It happened to me once - before electronic banking was invented!)  Charlie.palmer@ifac.eu

see more here https://ifac.eu/news/view.php?news_id=374