Capita pays FCA £51m over Connaught UCIS investments

Part of up to £66m in compensation to investors

Victoria McKeever
clock • 2 min read

Capita Financial Managers (CFM) has paid the Financial Conduct Authority (FCA) £51m in redress as a result of investments in the now defunct Connaught Income Fund, Series 1.

The £51m payment was part of up to £66m the FCA ordered CFM to hand over to investors who lost money from the Connaught fund. The remaining £15m would be transferred to the regulator when administrator Duff & Phelps had calculated the redress payments, according to a note on its website. Duff & Phelps said the redress calculation process would not completed until May as it did not have all of the necessary data. The note said: "The calculation process requires the collation of investor transactional data. This process has taken longer than projected due to delays encountered in rec...

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 executive Sheldon Mills to depart

FCA executive Sheldon Mills to depart

Competition director to exit after eight years

Sahar Nazir
clock 24 November 2025 • 1 min read
Independently East declared failed by FSCS

Independently East declared failed by FSCS

Advice firm entered liquidation in 2023

Professional Adviser
clock 19 November 2025 • 2 min read
FCA consolidation review 'a warning shot' for acquirers

FCA consolidation review 'a warning shot' for acquirers

Regulator’s findings a ‘wake-up call’ for private equity and consolidators

Sahar Nazir
clock 05 November 2025 • 5 min read