FCA Defends Role in Woodford Saga

Suspension of Woodford fund was the right thing to do, FCA chief executive Andrew Bailey tells MPs, but it is not the regulator's job to "intrude" on a manager's bad decisions

James Gard 25 June, 2019 | 12:45AM

Andrew Bailey

The Financial Conduct Authority has defended its role in the Woodford suspension saga at a Treasury Select Committee hearing.

FCA chief executive Andrew Bailey rejected the idea that it had been slow to act in the events leading up to the suspension of Woodford Equity Income in early June. He said the suspension was probably the best outcome for small investors in the fund and insisted that it is not the regulator’s role to “intrude” in the stock choices of fund managers. However, the FCA boss reiterated his belief that Woodford should have waived his fees, a view he expressed a week after the fund was suspended.

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James Gard  is content editor for Morningstar.co.uk

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