Here's why Link Group (ASX:LNK) is in news

September 22, 2022 08:00 AM AEST | By Ritwika

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Here's why Link Group (ASX:LNK) is in news — Image source: © Andreyyalansky19 | Megapixl.com

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Highlights:

Link Group has shared that one of its units- Link Fund Solution Limited, has been going through a confidential discussion with the Financial Conduct Authority of the UK.

The discussion primarily took place based on Link Fund's role as an authorised corporate director of the LF Woodford Equity Income Fund.

The update also revealed that FCA had issued a penalty of £50,000,000, followed by an investigation.

Technology-enabled financial data manager Link Administration Holdings Limited (ASX:LNK) announced on Wednesday that Link Fund Solutions Limited is currently going through a confidential discussion with the UK Financial Conduct Authority (FCA).

The primary subject of the discussion is related to Link Fund's role as an authorised corporate director to the LF Woodford Equity Income Fund, which is now known as LF Equity Income Fund and a previous announcement by FCA which has approved the proposed acquisition of Link Fund by Dye & Durham subjected to a condition.

The company's update stated that the FCA had issued a draft warning notice under the FCA's settlement decision procedure to Link Fund on 20 September 2022 regarding the Woodford Investigation.

Meanwhile, Link's shares closed 3.779% lower at AU$3.310 per share on ASX on Wednesday (21 September 2022).

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