The Financial Conduct Authority (FCA) says former fund manager Neil Woodford and his business have been providing unauthorised investment advice. The FCA’s allegation is reported to have been made on Monday, as scrutiny continues over the activities of Woodford’s W4.0 platform. In response, the W4.0 platform disputes the FCA’s characterisation, according to the outlets covering the matter. The dispute is framed in the context of a developing legal threat, with Woodford’s side indicating it does not accept the regulator’s account of the conduct. The reporting from the Belfast Telegraph and The Independent is aligned on the core points: the FCA makes the claim of unauthorised investment advice, and W4.0 rejects that description. Both sources indicate that the issue is moving beyond regulatory statements toward potential legal action, although details of any specific court filings or next steps are not included in the provided excerpts. The matter remains under review as the parties contend over the FCA’s interpretation and the underlying facts.