FCA to broker redress settlement for Connaught investors

Laura Miller
clock • 1 min read

The Financial Conduct Authority (FCA) is attempting to broker a redress deal for investors in the failed Connaught Series 1 fund.

As part of the voluntary "negotiated settlement", the FCA has said it will, for a limited period, support the parties concerned in an attempt to reach a resolution leading to "appropriate" redress for investors as soon as possible. Connaught entered administration in September 2012 after the collapse of its Income Series 1,2 and 3 unregulated collective investment schemes (UCIS), which provided credit lines to stricken bridging lender Tuita, a firm that also went into administration in September 2012. Roughly £118m was invested in the scheme. The parties with which the FCA will try to...

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