Woodford fund compensation for investors likely to total 77p in the pound

Takeover of frozen fund's administrator and FCA ruling could filter extra 235m to 300,000 investors

The administrator of the failed fund run by the former star stockpicker Neil Woodford has agreed to pay up to 235m to help regulators compensate more than 300,000 customers who lost their savings after the fund collapsed.

The tentative deal - which will mean investors recover in total approximately 77p to the pound - follows an investigation by the Financial Conduct Authority.