Hargreaves Lansdpwm execs to defer bonuses amid Woodford fund troubles<\/a><\/p>\nSpeaking in front of the Treasury Committee, Bailey said that Woodford was \u201cusing the rules to the full\u201d and that they need changing.<\/p>\n
Baileys grilling by MPs was trailed in the media as an audition for the role of Bank of England governor. The FCA chief executive is the bookies favourite to replace Mark Carney in January.<\/p>\n
The fund of star investor Woodford was frozen this month with \u00a33.7bn of investors money locked inside. In 2017 the Woodford Equity Income fund was worth about \u00a310bn, Conservative MP Charlie Elphicke pointed out during todays hearing.<\/p>\n
Bailey said the European Unions \u201cexcessively rules-based\u201d Ucits directive, which covers equity fund management, has been partly to blame for the Woodford debacle.<\/p>\n
\u201cIt doesnt have, in my view, a sufficient element of principle in it,\u201d he said.<\/p>\n
Woodford was following the rules but pushing the directives 10 per cent limit on illiquid assets, Bailey said.<\/p>\n
He also designated a portion of unlisted holdings in the fund as listed, based on an intention to list in Guernsey, Bailey said, which is within the rules.<\/p>\n
But Bailey said: \u201cListing on an exchange where trading doesnt happen, as far as I can see\u2026 does not actually count as liquidity.\u201d<\/p>\n
These issues \u201cdemonstrate the problems you get with an excessively rule-based system,\u201d the FCA boss said. \u201cIt doesnt have, in my view, a sufficient element of principle in it.\u201d<\/p>\n
Bailey also said it was right to suspend the fund to protect peoples money. But he said the decision could have been taken sooRead More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Andrew Bailey, the head of Britains Financial Conduct Author..<\/p>\n","protected":false},"author":1,"featured_media":124551,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-124549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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<\/p>\n