Neil WoodfordImage copyrightWoodford Investment Management Ltd

The head of the UK’s City watchdog has added to calls for the suspended Woodford Equity Income Fund to waive the management fees it bills investors.

Andrew Bailey of the Financial Conduct Authority said Mr Woodford “should consider his position” about the fees.

This came after MP Nicky Morgan said Mr Woodford was taking “a huge amount of money” – reportedly £100,000 per day.

Investors have been unable to put money in or take money out of the fund for more than a week after the suspension.

‘Orderly trading’

Investment funds charge investors fees to manage capital on their behalf.