LONDON, (Reuters) – Britain’s financial watchdog is close to deciding whether it will take enforcement action against Neil Woodford for suspending a fund that was run by a veteran stock picker. This decision left investors in the dust.

In June 2019, the LF Woodford Equity Income Fund, worth 3 billion pounds ($4.07 billion), was put on hold. It had run out of cash after a time of low performance and investors wanted to exit. It was exposed to unlisted and difficult-to-sell stock.

In June 2019, The Financial Conduct Authority launched an investigation into the facts surrounding this suspension.

Nikhil Rathi, CEO of Financial Conduct Authority, said that they are currently finalizing their legal analysis in order to make decisions about whether or not to take any action. This was published Monday and made available to the public by Parliament’s Treasury Select Committee.

Rathi stated that all the evidence was gathered.

“We will not identify the accused or the victim if any disciplinary action has been taken. This is in the interest of fairness. Rathi explained that any outcome is dependent on the status of the proceeding.

TSC Chair Mel Stride responded to Rathi’s Monday letter by saying that the FCA must ensure “as quick as possible a conclusion to this probe,” but it is still of interest to lawmakers.

The fund was worth 2.5 billion pounds. It has now been returned to the investors.

Regulators reviewed rules that permit such funds to provide daily redemptions for investors after the suspension of the fund and the subsequent freezing of property funds following the June 2016 Brexit referendum.

($1 = 0.7366 pounds)