The Investment Association is calling for the creation of a “long-term” type of investment fund that could sidestep the kind of liquidity problems that led to the crisis at Neil Woodford’s investment firm.

At its annual policy conference in London on June 26, the trade body proposed a new open-ended fund structure that will enable investment in less-liquid or illiquid assets, such as property and infrastructure projects, and will limit when people can sell their investments.