Lawmakers To Quiz FCA, BoE On Suspended Woodford Fund
Law360, London (June 6, 2019, 3:28 PM BST) -- Lawmakers will grill regulators on the operation of a struggling equity fund that was suspended this week, but which continued to take in almost £100,000 ($127,000) in management fees every day even as investors are locked out of their accounts, the leader of the parliamentary Treasury Committee said Thursday.
Neil Woodford — one of the U.K.’s most high-profile stockpickers — suspended trading in his flagship £3.7 billion Woodford Equity Income Fund on Wednesday after increasing numbers of investors asked for their money back.
The move has attracted the attention of lawmakers and the City watchdog. Nicky Morgan, who chairs the Treasury...
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