Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when final disbursements will be made from the Woodford Equity Income Fund under the terms of the settlement scheme.

In December 2023, investors in the Woodford Equity Income Fund voted to accept a settlement scheme, and in February 2024 the High Court approved the scheme to make it binding on Link Fund Solutions and all creditors. The scheme came into force on 5 March 2024, with investors having received a first redress payment by April 2024. That first payment amounted to over £185 million, out of a settlement fund of up to £230 million.

The rest of the settlement fund is being held as a reserve to enable Link Fund Solutions to meet any contingent liabilities. Any leftover money from the reserve will be distributed to investors covered by the scheme. The operation of the reserve is supervised by the scheme supervisors who are independent of Link Fund Solutions. The FCA are continuing to monitor the operation of the reserve and will monitor when and how distributions are being made.