FCA Chief Says Woodford Didn’t Follow the ‘Spirit’ of the Rules
- Andrew Bailey was speaking at the regulator’s annual meeting
- Bailey says Woodford’s actions raise questions about the rules
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The head of the U.K.’s financial watchdog called out embattled fund manager Neil Woodford for not following the spirit of the rules.
“We view incidents like the Woodford affair as an example of this -- where firms are following the letter, but not the spirit, of the rules,” Andrew Bailey, head of the Financial Conduct Authority, said at the regulator’s annual public meeting on Wednesday. “It raises questions about the rules themselves.”