You would have to think if there was any fine by the FCA, it...

You would have to think if there was any fine by the FCA, it would be manageable by Link. Aviva got fined by the FCA a relatively small amount in 2015 for dodgy trades and reporting by its own fund managers. As you say, Link only provide a service to the fund - and do not manage the actual investment decisions. As long as they raised any red flags about mandate breaches early, it would be difficult to prove anything other than poor investment decisions by the manager. I guess without knowing the sordid details, we have little to go on and hence the uncertainty.