This Thursday marks the second anniversary of the suspension of Woodford Equity Income, once popular with hundreds of thousands of investors looking to build long-term wealth.
When the downfall of star stock-picker Neil Woodford trapped the savings of hundreds of thousands of investors, it sent shockwaves through the City.
Private investors were suddenly told they would be unable to withdraw their money until Woodford s funds were unfrozen.
Yet at FTSE 100 financial advice giant St James s Place, chief executive Andy Croft was not panicking.
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Yes, many of his 800,000 clients had been invested in funds run by Woodford. And yes, some had seen their savings take a hit as Woodford s performance slumped.
But Croft, 56, could afford to stay calm thanks to the peculiar way that St James s Place invests its clients cash.
The FCA promised the Treasury Select Committee it would report on its progress by the end of this month.It kicked off the probe in summer 2019, after Woodford s flagship fund was shuttered.