FCA admits failings over Connaught redress delay

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The Financial Conduct Authority (FCA) has admitted a break down in discussions led to it failing to achieve a redress deal for investors in collapsed firm Connaught, causing further delays and "serious distress" to investors.

Negotiations had been underway with the FCA and the liquidator of the fund, Capita, and its operator Blue Gate, to see if agreement could be reached on how to address losses in the unregulated collective investment scheme (UCIS). But at the regulator's annual general meeting, a member of the Connaught Liquidation Investors Group asked why investors were still waiting for redress after the FCA first announced it would try to broker a deal back in July 2014. Georgina Philippou, the FCA's acting executive director of enforcement and market oversight, acknowledged that "what's happened in...

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