Capita Financial Managers Publicly Censured and Agreed Up to £66 Million Redress for Connaught Investors

Summary

In November 2017, the UK Financial Conduct Authority publicly censured Capita Financial Managers Limited and announced that it would pay up to £66 million for the benefit of investors in the failed Connaught Income Fund Series 1. The FCA concluded that Capita Financial Managers failed to conduct adequate due diligence when it took over as operator of the fund and failed to adequately monitor the fund and its underlying investments afterward. The FCA said consumers were entitled to expect authorised firms to perform their responsibilities with care and diligence and stated that Capita Financial Managers had failed badly in this case. The redress arrangement was intended to return investors as closely as possible to the position they would have been in had they not invested. Source: Financial Conduct Authority https://www.fca.org.uk/news/press-releases/capita-financial-managers-pay-66-million-benefit-investors-connaught-income-fund-series-1