The Financial Conduct Authority (FCA) is expected to ramp up its regulatory scrutiny of fund buy lists, following the gating of the Woodford Equity Income fund, with the backing of the Treasury Select Committee.
FCA chief executive Andrew Bailey and its chair Charles Randell faced a grilling from the committee over the regulator's handling of the fund's gating at a hearing on Monday, which saw Hargreaves Lansdown's "relationship" with Woodford Investment Management come under question. For its part, HL confirmed in a letter to the TSC that its influential Wealth 50 list was not compiled based on short-term performance or the discount offered on management fees, rather Woodford's long-term track record was the reason the fund was kept on the list. Emma Wall, head of investment analysis at HL, ...
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