The two founding directors of Woodford Investment Management were paid total dividends of £13.825m in the company’s most recent financial year despite a profit plunge and well publicised woes at the company.

Neil Woodford has hit out at Link Fund Solutions after the administrator decided to pull the plug on his £3.5m Equity Income Fund.

The FCA has confirmed that it has begun an investigation into events leading up to the suspension of the Woodford Equity Income Fund (WEIF).

Adviser network Openwork’s asset manager Omnis Investments is to replace Woodford Investment Management as manager of its £330m Omnis Income & Growth Fund.