FCA orders review into Connaught fund collapse

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.