U.K. hedge fund regulations working just fine, thank you, Parliament told

U.K. managers and industry group executives told a Parliament committee Jan. 27 that the country’s regulation of hedge funds is working and would guard against the kind of fraud Bernard L. Madoff is alleged to have committed.

U.K. regulators hold hedge funds to the same standards as other money managers and savvy hedge fund clients’ due diligence processes hold managers accountable, experts told the House of Commons’ Treasury committee. The evidence session was part of the committee’s larger inquiry into the U.K. banking crisis.