The chief executive of the UK’s financial regulator, Andrew Bailey, has admitted the agency missed a red flag on Neil Woodford’s controversial listing of some of his hard-to-sell holdings in Guernsey.

Bailey, who heads up the Financial Conduct Authority, was under pressure from MPs on Parliament’s Treasury Committee on June 25 to clarify why the FCA did not look into Woodford’s dealings with Guernsey’s International Stock Exchange earlier.