FCA chief Andrew Bailey has accused some firms involved with Woodford’s suspension of not following the “spirit” of the regulators rules.
Speaking at the FCA’s annual public meeting this morning, Bailey said culture and accountability was becoming increasingly important to the regulator over box-ticking exercises and a overly-tight interpretation of the rules.
Bailey said: “Any organisation that prioritises being within the rules rather than doing the right thing will not stand up to scrutiny for very long.
“Taking Woodford as an example, firms appears to be following the letter of the rules but not the spirit”.
Bailey did not go into further detail on which firms he was referencing on what aspects of the rules they appeared to be toeing around.
However, he spoke at length on the FCA’s “regulatory perimeter” – what it has jurisdiction over when it comes to authorised and unauthorised products and firms, labelling it something that “links together some of our most challenging issues”.