The firm of well-known fund manager Neil Woodford plans cuts after investors pulled out funds.Read more
BBC Radio 4
Former City minister, Lord Myners, has been speaking to BBC Radio 4's Today Programme about the suspension of one of Neil Woodford's funds.
He said the UK financial regulator, the Financial Conduct Authority, "should have been awake" to issues at the Woodford Equity Income Fund earlier this week
Lord Myners, who had a long career in the management industry, said: "The fund was established by Neil Woodford, who had a tremendous performance record over 20 years."
"Unfortunately, he had a performance record in playing cricket and then he decided to play baseball. He moved away from investing in very liquid securities into illiquid and private companies."
"Woodford was obliged to begin to do clever dealings to try to stay within the word of the law. The FCA said it didn't know things were happening - they were in the newspapers. The FCA should have been awake."