Jersey’s ‘not a soft touch’, Woodford warned: Disgraced fund manager told he can’t use island to dodge regulators as he seeks to rebuild his career
Warning: Jersey’s financial regulator has slammed Neil Woodford’s (pictured) plans for a fund management firm
Jersey’s financial regulator has criticised an attempt by Neil Woodford to rebuild his career from the island.
Martin Moloney, director-general of the Jersey Financial Services Commission (JFSC), slammed the fallen fund manager’s plans for a Jersey-based fund management firm, saying the island cannot be used as a ‘back door’ to dodge UK regulators.
His warning came after 61-year-old Woodford announced his comeback last month, revealing he was setting up WCM Partners, to be based in Jersey with offices in a Buckinghamshire mansion.
In an interview with the Financial Times, Moloney said: ‘Anyone who gets off the plane thinking that Jersey is a soft touch has wasted the price of the ticket.
‘Jersey is not the place to come if you are trying to get around UK regulation, or any other regulation for that matter.’
Woodford’s proposed return to fund management sparked fury among his former customers, who lost more than £1billion when his flagship Equity Income Fund was suspended and his entire business empire, Woodford Investment Management, imploded in 2019.