Capita makes £37m provision ahead of Connaught investigation

'FCA indicated it could penalise the firm'

Tom Ellis
clock • 1 min read

Capita PLC has set aside £37m in case it is fined by the Financial Conduct Authority (FCA) in connection with its conduct as operator of the Connaught Income Series 1 Fund until September 2009.

In its half-year results published on Thursday, Capita said the FCA "recently indicated" to the company it could penalise the firm in connection with its conduct as operator of the failed Connaught fund. In July the FCA announced it was launching a third-party investigation into the collapse of the fund, while its own investigation is still ongoing. At the announcement, FCA chief executive Andrew Bailey said it was working to bring "investigations to a close as quickly as we can", adding that "significant resources" had been committed to the process. The Connaught fund, which invested...

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 removes regulatory permissions from advice firm over breaches

FCA removes regulatory permissions from advice firm over breaches

Ups assets restriction and notes unpaid FOS award

Jen Frost
clock 22 December 2025 • 2 min read
 FCA chief: No allegations of Budget leak market abuse so far

FCA chief: No allegations of Budget leak market abuse so far

Told MPs on the Treasury Committee the leak caused serious concern

Alex Sebastian
clock 16 December 2025 • 3 min read
FCA's non-financial misconduct rules 'opaque' over social media activity

FCA's non-financial misconduct rules 'opaque' over social media activity

Lack of definitions and case studies

Cristian Angeloni
clock 16 December 2025 • 2 min read