FCA orders Blue Gate pay £203k to Connaught investors

The fund, which was formerly known as the Guaranteed Low Risk Income Fund Series 1, was an unregulated collective investment scheme (UCIS) that opened in March 2008, providing short-term bridging finance to commercial operators in the UK property market. Blue Gate became fund operator on 25 September 2009, taking over from Capita Financial Managers (CFM), and remained so until the fund went into liquidation on 3 December 2012. The FCA found that Blue Gate failed to conduct adequate due diligence on the fund prior to taking it on, it failed to look into potentially serious issues with ...