The crisis that led to the star stock picker Neil Woodford’s spectacular downfall last year and triggered panic across Britain’s investment industry can happen again, finance heavyweights and senior politicians have warned.

It was a year ago this week when Woodford shocked the City after it was announced that his flagship fund would be frozen following a request from Kent County Council to pull its £240m investment. Woodford was forced to eventually shutter his investment empire in October after he was sacked as the fund’s manager.