Outgoing shadow Chancellor John McDonnell has accused the Financial Conduct Authority of being “asleep at the wheel”, thereby creating the environment that led to the collapse of Neil Woodford’s funds. 

In a statement seen by theweathnet, he said Labour is calling for "an urgent short sharp independent inquiry" into the regulation of the finance sector, claiming that it is not fit for purpose.

He also suggested that the appointment of Andrew Bailey as govenor of the Bank of England should be delayed...