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FCA orders review into Connaught fund collapse

FCA chief executive says it is working to bring its investigation into Connaught to a close five years after the Ucis fund was suspended

The FCA has announced it will appoint a third party to review firms involved in the collapse of the Connaught fund.

At its annual public meeting in London today, chief executive Andrew Bailey detailed the progress of a number of ongoing FCA enquiries.

The Connaught Series 1 fund was an unregulated collective investment scheme. It was suspended in March 2012 and interest payments were not made to investors. Initial estimates suggested investors faced losses of up to 50 per cent.

Speaking today, Bailey said the FCA was now in the “later stages” of its Connaught investigation and analysis.

When this has come to a close, the FCA will appoint a third party to review firms surrounding the collapse.

Bailey said: “We want to assure you we’re are pressing ahead with bringing these investigations to a close as quickly as we can.”

He added the Connaught investigation had been given “significant resources” and that the FCA was committed to publishing the results of the review.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. An investigation into a stable door five years after the horse has bolted, by a regulator which doesn’t even regulate stable doors.

    When will the FCA conduct an investigation into storage pods, Costa Rican forestry and high-risk minibonds masquerading as guaranteed deposits?

  2. So not much progress then Andrew ?

    The FCA’s incompetence is boundless

    Apart from an endless stream of consultations and thematic reviews…. what do you lot at Canary Wharf do all day ? It seems to me the only thing you are expert in, is spending money and patting yourselves on the back

  3. FCA a constant meddling with an endless stream of consultations and waste of space thematic reviews.

    Have some more of our money to waste. When will the treasury select committe bring this lot to justice and get rid of them

  4. Connaught were happliy selling their unregulated ‘guaranteed income fund’ wares at the Scottish IFP Conference a few years back.
    Looked too good to be true. Double digit returns and low risk don’t you know.

  5. The FCA’s incompetence is boundless

  6. I think you are all being rather unfair. The regulator was up to its eyes in designing a new logo at the time.

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