Fund supervisor deficiencies kept private
THE City watchdog first uncovered problems with fund supervisors seven years before they were blamed for failing to prevent the collapse of the Woodford Equity Income fund.
The Financial Conduct Authority (FCA) twice wrote to the supervisors tasked with making fund managers follow the rules - known as authorised corporate directors - in 2012 and 2014, highlighting concerns.
It demanded the firms take action, but opted to keep the details private.
The revelation will pile fresh ...