Jersey regulator attacks Woodford comeback plan - report

Neil Woodford's attempted comeback ran into fresh doubts after Jersey's regulator attacked his plan to base his new fund operation in the tax haven.

Martin Moloney, director general of the Jersey Financial Services Commission, told the Financial Times: "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."

Woodford, the former star fund manager, revealed in February he was planning a new venture, based in Jersey, aimed at professional investors. Retail investors in his previous business, Woodford Investment Management, have lost about £1bn after the company was forced into administration in 2019.

Moloney's comments appear to scupper Woodford's plan to base his new venture in Jersey. Woodford had not applied for authorisation in Jersey when he revealed his intentions.

Jersey made its latest declaration three weeks after the UK Financial Conduct Authority said it could veto Woodford's attempt to relaunch his career and that it would scrutinise the venture's business model and management fitness.

The FCA said it had agreed with Jersey to exchange information on any application by Woodford. About £3.7bn of investors' assets were left in limbo when Woodford Investment Management imploded in 2019 after a series of investment bets went bad.

Jersey had already said it was disappointed that Woodford went public with his plans before applying for authorisation. Publicity following the announcement had "created the very false impression that Jersey could be used as a back door to gain access to the UK market", Moloney told the FT.