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

Compliance relics: The case against PDFs and screenshots

Compliance relics: The case against PDFs and screenshots

'Partial records or flattened archives are no longer sufficient'

David Clee
clock 09 July 2025 • 5 min read
FCA data request prompts SimplyBiz's sector-wide compliance session

FCA data request prompts SimplyBiz's sector-wide compliance session

Nearly 600 advisers sign up for July webinar on navigating new s165 data requirements

Sahar Nazir
clock 09 July 2025 • 2 min read
FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read