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| Neil Woodford faces regulator pressure over fees | Neil Woodford faces regulator pressure over fees |
| (32 minutes later) | |
| The head of the UK's City watchdog has added to calls for the suspended Woodford Equity Income Fund to waive the management fees it bills investors. | The head of the UK's City watchdog has added to calls for the suspended Woodford Equity Income Fund to waive the management fees it bills investors. |
| Andrew Bailey of the Financial Conduct Authority said Mr Woodford "should consider his position" about the fees. | |
| This came after MP Nicky Morgan said Mr Woodford was taking "a huge amount of money" - reportedly £100,000 per day. | This came after MP Nicky Morgan said Mr Woodford was taking "a huge amount of money" - reportedly £100,000 per day. |
| Investors have been unable to put money in or take money out of the fund for more than a week after the suspension. | Investors have been unable to put money in or take money out of the fund for more than a week after the suspension. |
| FCA chief executive Mr Bailey told BBC Radio Four's Today programme that while Mr Woodford should "very seriously" consider his position over the fees, "we need him to manage these assets now more than ever". | FCA chief executive Mr Bailey told BBC Radio Four's Today programme that while Mr Woodford should "very seriously" consider his position over the fees, "we need him to manage these assets now more than ever". |
| "His job now is to get this fund back into a position where there can be orderly trading, so he has his work cut out now," Mr Bailey added. | "His job now is to get this fund back into a position where there can be orderly trading, so he has his work cut out now," Mr Bailey added. |
| Well-known stockpicker Neil Woodford suspended his flagship fund on 3 June after increasing numbers of investors asked for their money back. | |
| Mr Woodford said he had taken the step to protect investors' interests. |