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Neil Woodford under pressure from the FCA over fund fees

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Andrew Bailey, chief executive of the Financial Conduct Authority (FCA) has joined in calls for Neil Woodford to waive his management fees as his fund is suspended.

Bailey said that Woodford should “consider his position” on charging fees to his customers.

Nicky Morgan, MP and chairwoman of the Treasury Select Committee, urged Woodford Investment Management to waive fees on its equity income fund over the suspension.

Bailey told BBC Radio 4’s Today programme, “I agree with what Nicky Morgan said, I think he should consider very seriously, I think she used the word ‘gesture’ use what word you like, he should consider his position.

“However, from our point of view, we need him to manage these assets more than ever because his job now is to get this fund back into a position where there can be orderly trading.

“So, he has his work cut out now.”

Over continued pressure over Woodford’s fund shares in Hargreaves Lansdown have steeply declined by 2% on Tuesday.




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