Neil Woodford's Jersey fund launch plan receives criticism from local regulator

Neil Woodford's plan to open a fund management company in Jersey has received criticism from the island's top financial regulator, the Financial Times reported March 8.

Woodford in February announced his plans for a new Jersey-based venture. It would mark a return for the fund manager after Woodford Investment Management Ltd. suspended its flagship £3.7 billion LF Woodford Equity Income Fund in June 2019 and subsequently collapsed, a matter that the FCA is still investigating.

"Jersey is not the place to come if you are trying to get around U.K. regulation or any other regulation for that matter," said Martin Moloney, director general of the Jersey Financial Services Commission.

Woodford Capital Management Partners has not yet made a formal authorization request to Jersey, according to the report. Moloney's comments "effectively derailed" any hopes Woodford has of managing money on behalf of professional investors in Jersey, the FT said.