Woodford not 'illustrative of a wider problem': FCA's Bailey

The Financial Conduct Authority's (FCA) outgoing chief executive Andrew Bailey has said the Woodford debacle was not "illustrative of a wider problem in the asset management industry." Speaking on an FCA podcast, the incoming Bank of England governor has admitted that he is concerned about how ill-prepared the UK is for a prolonged fall in the stock market or house prices. Bailey added: "There hasn't been a major fall in asset prices now since the [global financial] crisis and of course, we don't want one to happen, but they do happen." "I do think that there is not as great an und...