The FCA says it may change its rules on authorised funds holding illiquid assets to protect retail investors.

The steady dismantling of the Woodford empire has continued with the Woodford Patient Capital Trust, one of the firm’s best known investment vehicles, being renamed the Schroder UK Public Private Trust and management transferred to Schroders.

The FCA has today proposed changes to further enable retail investors to invest in patient capital through unit-linked funds.