Overview
- The FCA started civil proceedings on Monday against Neil Woodford and W Four Point Zero FZE, the operator of the W4.0 subscription platform.
- The regulator says the service has breached sections 19 and 21 of the Financial Services and Markets Act by providing investment advice and making financial promotions without authorisation and is asking a court for an injunction to halt those activities.
- W4.0 has rejected the FCA’s description, saying it clearly told users it was unregulated, does not manage clients’ money, and has spent nine months engaging with the FCA and making changes to the service.
- The action follows the long-running fallout from Woodford’s 2019 Equity Income Fund collapse and the FCA’s August 2025 decision to fine Woodford and his former firm a combined £46m and issue provisional bans that are being appealed.
- With civil claims, an injunction bid and separate appeals active, the case will decide how far UK rules reach services run from overseas and could affect what paid research or tip services can legally offer retail subscribers.