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Connaught investors to get final compensation this month

Money-UK-Currency-Notes-Mosaic-480.jpgThe remaining redress payments to be handed out to investors who lost money after the 2012 collapse of the Connaught Income Fund will be finalised this month.

Money Marketing understands administrators Duff & Phelps have now processed the majority of the refunds.

A joint communication to investors last September said investors would start to receive compensation from 27 October following extensive delays.

The Connaught Fund’s authorised corporate director Capita Financial Managers Limited failed to provide Duff & Phelps with all the data needed to begin the redress process last year, while a June setback saw the FCA delay the start of payments while it sought specialist tax advice.

Money Marketing has been told the majority of investors received their redress between 27 October and 31 December, with the residual to be finalised by the end of January.

The FCA ordered the first independent review into the now seven-year debacle in 2016 with estimates suggesting investors have faced losses upwards of 50 per cent.

The regulator told Money Marketing it was no longer accepting outside inquiries for information on the delays associated with Connaught in November.

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  1. The final paragraph of this article is telling. Another example of the FSA’s “sorry history” to which Andrew Bailey alluded not long after taking office.

    In October 2017 it was published that Following the completion of its investigation into Capita’s involvement and culpability, the FCA had pledged to appoint a third-party to investigate its own handling of the Connaught fund. Have the conclusions of that investigation yet been published?

    See also https://www.moneymarketing.co.uk/adviser-trade-body-resurrects-connaught-group-parliament/

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