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 complaints: Pensions and investment gripes on the rise

FCA complaints: Pensions and investment gripes on the rise

Total number of financial services complaints hits 1.85 million

Jenna Brown
clock 23 October 2025 • 1 min read
Updated: Failed financial advice firms tracker

Updated: Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 21 October 2025 • 1 min read
Regulatory pressure continues to 'weigh' on advisers

Regulatory pressure continues to 'weigh' on advisers

Consumer Duty and FCA reporting cited as biggest regulatory demands

Jenna Brown
clock 20 October 2025 • 1 min read