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
Signup and gain exclusive members-only insights
- 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
