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Woodford fund managers using rules 'to the full' - regulator

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Woodford fund managers using rules 'to the full' - regulator
FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey in London, Britain February 25, 2019. Kirsty O'Connor/Pool via REUTERS   -   Copyright  POOL New(Reuters)
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LONDON (Reuters) – Managers of the Neil Woodford’s suspended flagship fund in Britain were using the “flawed” rules to the full, Financial Conduct Authority Chief Executive Andrew Bailey said on Tuesday.

“They were using the rules to the full and they were not telling us they were doing that,” Bailey told parliament’s Treasury Select Committee.

Bailey told lawmakers it was right to suspend the fund, but this would have been done earlier if the “flawed” European Union rules for funds were based on principles.

(Reporting by Huw Jones, David Milliken and Carolyn Cohn)

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