FCA reveals extent of '10% rule' breaches - reports

Breaching the 10% limit, which has previously been criticised by the FCA as a "design flaw" in UCITS legislation, was notably a side effect of the liquidity governance failures that led to the collapse of Woodford Equity Income and ultimately Woodford Investment Management last year. Responding to a Freedom of Information (FOI) request submitted by the Financial Times, the FCA's figures reveal that incoming Governor of the Bank of England Andrew Bailey had understated the number of 10% rule breaches in testimony to the Treasury select committee during his time as chief executive of the r...