Investors who lost money when a fund managed by big-name stockpicker Neil Woodford collapsed are in line for compensation.
The City regulator, the Financial Conduct Authority (FCA), said people who had money invested when the fund was suspended could receive a share of £235m in redress.
That would amount to about 77p in every pound they had invested.
For the money to be paid, investors will need to approve the plan.
Various other conditions will also need to be fulfilled, such as the sale of some assets.
Therese Chambers, from the FCA, said the proposal offered the best possible outcome for the 300,000 trapped investors who lost money.
