Former fund manager Neil Woodford to be banned and fined almost £46m
The Financial Conduct Authority (FCA) said it will ban Mr Woodford from holding senior manager roles and managing funds for retail investors.
It also announced plans to fine him £5.89 million and Woodford Investment Management (WIM) £40 million.
Mr Woodford and WIM have referred the case to the Upper Tribunal for appeal.
The former manager's flagship fund, Woodford Equity Income, was wound down in 2019 after investors tried to withdraw cash faster than the fund could pay out, amid concerns over its high exposure to illiquid and unquoted shares.
On Tuesday, the FCA said it has concluded that Mr Woodford and the fund 'made unreasonable and inappropriate investment decisions' between July 2018 and June 2019.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn't accept he had any role in managing the liquidity of the fund.
'The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously.
'Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.'
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