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

Appointed representatives: Are you really in control of the risks?

Appointed representatives: Are you really in control of the risks?

'The FCA doesn't just want oversight, it wants evidence'

Paul Bruns
clock 06 October 2026 • 7 min read
Manchester City charges: Treasury Committee chair raises tax questions with HMRC

Manchester City charges: Treasury Committee chair raises tax questions with HMRC

As Tax Policy Associates points to potential £12m in unpaid tax

Jen Frost
clock 02 October 2026 • 2 min read
'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'A voicemail is unlikely to suffice'

Gareth Fatchett
clock 02 October 2026 • 5 min read