UK investors see some payment from stricken fund

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The FCA agrees to closure Credit: Shutterstock

When he set it up, British investment manager Neil Woodford quickly attracted £10 billion (€11.5 billion) in funds but as profits dropped, so investors left quickly.

By June of this year, things were so dire that all remaining funds were frozen and Mr Woodford was removed from his post.

Now, the Financial Conduct Authority (FCA) has approved a request to wind up the fund and investors will be told next month how much their initial payment will be.

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