JEFF PRESTRIDGE: Two awful scandals that must finally be brought to an end… and my other wishes for next year
Although money resolutions will not be to the fore on New Year's Eve, I do have a number of personal finance 'wishes' for the year ahead that I would like to share...
I'm looking forward to celebrating New Year at the De Vere Wokefield Estate in Berkshire with my partner, Leonie, and friends Melanie and Tim.
Based on previous experience, it should be fun. I'll dance the light fandango, although I'm sure my three sons would cringe at the sight if present. More dad-dancing than emulating John Travolta in his prime, would be their verdict.
When the clock strikes 12, I'll say a little prayer to departed Mum and Dad, text the boys and selfishly pray that my home purchase will go through in early 2026. A homeowner again. Yippee!
Although money resolutions will not be to the fore on New Year's Eve, I do have a number of personal finance 'wishes' for the year ahead that I would like to share...
We deserve resolution to the Woodford saga
Six-and-a-half years have passed since the beginning of the end for Neil Woodford's career
It's a travesty we are still waiting to find out whether former fund manager Neil Woodford will be punished for the part he played in the demolition of his own investment empire, resulting in 300,000 investors being left out of pocket to the tune of £1billion.
Surely, six-and-a-half years on from the beginning of the end for Woodford as an investment manager, 2026 will be the year when justice is finally served.
He was one of the most revered fund managers in the early 2000s for his successful riding out of the dotcom bubble. Some - not me - said he was the UK's answer to legendary US investor Warren Buffett. But Woodford came horribly unstuck when he struck out on his own in 2014 and set up Woodford Investment Management (WIM). Money poured in through the door, most of it into his flagship fund Woodford Equity Income (WEI).
It all rather went to his head. He believed he was some kind of investment god who could do no wrong. He ventured into new investment territories - most notably unquoted companies, thinking he could conquer all before him.
It was fine for a while, but when the performance numbers on WEI started to go awry, many investors jumped ship.
In June 2019, after a big institutional investor (Kent County Council) wasn't able to get its money out because of the fund's illiquid portfolio, the £3.6billion WEI was suspended. This was followed by its break-up, and the end of Woodford's business.
Since its collapse, WEI investors have received £235million in redress plus a drip feed of payments as the fund's assets have been sold off - but they have not recouped their losses.
To make matters worse, many of those who joined 'no win, no fee' class action claims launched by dispute resolution firms have been forced to pay bills even though the claims quickly fell through.
Five months ago, it seemed that a line in the sand in this investment debacle would be drawn when the Financial Conduct Authority (FCA) announced its sanctions against Woodford: a fine of £5.9million and a ban preventing him from running retail investment funds in the future.