Connaught fund operator censured by FCA and enters liquidation

The Connaught Income Fund, also previously known as the Guaranteed Low Risk Income Fund Series 1, was an unregulated collective investment scheme that began in March 2008 and provided short term bridging finance to commercial operators in the UK property market. The fund is now in liquidation and Blue Gate has been ordered to pay £203,007 in restitution to investors who lost money. The pay out will include savers who invested during Blue Gate's period as operator and will be made via the Financial Conduct Authority (FCA). The regulator found that Blue Gate failed to conduct adequate d...