Former star fund manager Neil Woodford and his investment firm have been fined a total of almost £46m by the financial watchdog.
Some 300,000 people lost out when Woodford Equity Income Fund collapsed in 2019 after investors tried to withdraw money faster than the fund could pay out.
The Financial Conduct Authority (FCA) has provisionally fined Mr Woodford nearly £6m and banned him from holding senior manager roles and managing funds for non-professional investors. It has fined his fund, Woodford Investment Management (WIM), £40m.
Mr Woodford and WIM are appealing against the decisions, so all the FCA's findings are provisional.
Once a high-flying city fund manager, Mr Woodford was variously described as the man who made middle England rich and the UK's answer to Warren Buffet.
