The Financial Conduct Authority (FCA) is to investigate the activities of the former operators of the Connaught Income Series 1 fund, Capita Financial Managers and Blue Gate Capital.
The regulator had been in negotiations with the liquidator of the fund, Capita and Blue Gate to see if agreement could be reached on how to address losses in the unregulated collective investment scheme (UCIS), but has now withdrawn while the investigation into their activities is conducted. "Due to the level of public interest in the fund, it was decided to make this decision public, but there will be no further comment until investigations reach a conclusion," the FCA said in a statement on 10 March. "The fact that a firm is under investigation does not mean that the FCA has reached...
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