Kavita Patel: Fund managers should be proactive after Woodford crisis

The illiquidity crisis came to light when the flagship fund of ‘star' fund manager, Neil Woodford, was suspended on 3 June, preventing investors from withdrawing their money. After a period of underperformance, the fund was unable to meet withdrawal demands and it is expected to remain closed until Christmas. This situation has understandably caused considerable frustration for the investors affected, leading to calls for closer control and regulation. The regulator's response has caused some controversy, however. While the Financial Conduct Authority's (FCA) recent focus on disclosure h...