UK’s parliament asks questions over FCA handling of suspended fund

Andrew Bailey calls for limits on illiquid investment to be maintained by offshore funds

The FCA's Andrew Bailey

The head of an important committee of UK lawmakers has asked the Financial Conduct Authority a series of detailed questions over its handling of a troubled financial firm.

Nicky Morgan, chair of the House of Commons Treasury Committee, wrote to Andrew Bailey, chief executive of the Financial Conduct Authority today (June 10), about the LF Woodford Equity Income Fund. The FCA said in a statement on June 5 that the Woodford fund, founded by manager Neil Woodford, had been suspended since June 3.

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