Investors in the failed Woodford income fund have missed out on a multimillion-dollar payout from the $1.5 billion takeover of Kymab, the largest acquisition of a private UK biotechnology company.
Andrew Bailey ran the Financial Conduct Authority until March
He was named and shamed in probe into watchdog s handling of London Capital & Finance disaster
Scandal saw 11,600 investors, many of them elderly, persuaded to buy risky unregulated minibonds and left out of pocket when company collapsed
This week s report, led by former Court of Appeal Judge Dame Elizabeth Gloster, held Mr Bailey personally responsible for failings at FCA
Covid household finances Composite: Alamy/AFP/Getty/Netflix/Guardian Design
Covid household finances Composite: Alamy/AFP/Getty/Netflix/Guardian Design
Pandemic leaves some people jobless and deferring mortgages, while others have saved more
Sat 19 Dec 2020 02.00 EST
It has been possibly the strangest year ever for household finances. A stock market collapse, soaring unemployment, millions deferring their mortgage payments – and a booming housing market, plus bulging savings accounts. Which side of the coronavirus financial equation were you on?
One in three households lost income (and two-thirds of the self-employed)
Analysis by the Bank of England found that 28% of households have seen incomes fall during the pandemic, rising to 66% among the self-employed. Spending has fallen even further, even for those in work. The Bank estimated that 57% of households cut their spending in the early months of the crisis.