The Financial Conduct Authority (FCA) has extended to January its support for a 'negotiated settlement' for investors in the failed Connaught Series 1 fund.
The regulator, which previously indicated it was minded to support the process until 31 October, said it continued to believe a negotiated deal to address investor losses is in investors' best interests. 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. About £118m was invested in the scheme. The parties the FCA are trying to broker a deal with are likely to be th...
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