How the twin villains of hubris and ego brought down an empire

As far as the City was concerned, it was other people’s money – so chances were taken. Chris Blackhurst contemplates the fall of Neil Woodford and Lansdown’s part in the collapse of his funds

Fallen fund manager Neil Woodford (Reuters)

As the dust settles on the Neil Woodford investment empire, the overwhelming feelings are of anger and deja vu. We’ve been here before, through numerous scandals, and always the result is the same: the man at the top has seen his reputation trashed but has made tons over the years and that money, presumably, is safe; meanwhile, the ordinary punter loses their savings. And, yet again, between them is a respectable City brand that sold themselves on trust, and that reassurance was found to be wanting. Not for the first time, too, there is a regulator that failed to read the warning signs and did not act.

That thunderous noise you can hear is also one that is all too familiar to followers of these sad sagas. It’s of horses bolting and stable doors closing.