FCA to launch third party review of Connaught collapse

Speaking at annual public meeting

clock • 1 min read

The Financial Conduct Authority (FCA) is to launch a third-party investigation into the 2012 collapse of the Connaught fund.

Chief executive Andrew Bailey confirmed at the regulator's Annual Public Meeting on Tuesday that it was in the process of finalising its own review of the fund's failure and would appoint a third party upon completion. The Connaught Series 1 Income fund, which invested in the no-longer-operating bridging loan firm Tiuta, lost investors as much at $100m in its 2012 collapse. FCA hires extra staff to cope with Brexit workload FCA investigations have been focused on management firms Capita Financial and Blue Gate Capital, which each managed the fund between April 2008 to September 200...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA: Consumer investment product disclosure system 'not working'

FCA: Consumer investment product disclosure system 'not working'

FCA rules are expected in late 2025

Michael Nelson
clock 11 September 2025 • 2 min read
FCA social media crackdown: Three 'finfluencers' make first court appearance

FCA social media crackdown: Three 'finfluencers' make first court appearance

Case brought as part of FCA-led global crackdown on illegal promotions

Jenna Brown
clock 10 September 2025 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 03 September 2025 • 1 min read