Capita pays FCA £51m over Connaught UCIS investments

Part of up to £66m in compensation to investors

Victoria McKeever
clock • 2 min read

Capita Financial Managers (CFM) has paid the Financial Conduct Authority (FCA) £51m in redress as a result of investments in the now defunct Connaught Income Fund, Series 1.

The £51m payment was part of up to £66m the FCA ordered CFM to hand over to investors who lost money from the Connaught fund. The remaining £15m would be transferred to the regulator when administrator Duff & Phelps had calculated the redress payments, according to a note on its website. Duff & Phelps said the redress calculation process would not completed until May as it did not have all of the necessary data. The note said: "The calculation process requires the collation of investor transactional data. This process has taken longer than projected due to delays encountered in rec...

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