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

Updated: Failed financial advice firms tracker

Updated: Failed financial advice firms tracker

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

Professional Adviser
clock 21 October 2025 • 1 min read
Regulatory pressure continues to 'weigh' on advisers

Regulatory pressure continues to 'weigh' on advisers

Consumer Duty and FCA reporting cited as biggest regulatory demands

Jenna Brown
clock 20 October 2025 • 1 min read
FCA probe firm refused planning permission after promising investors 8% returns from Essex development

FCA probe firm refused planning permission after promising investors 8% returns from Essex development

One of a string of ‘fixed rate return’ investments offered by Moneda Capital

Jen Frost
clock 17 October 2025 • 5 min read