FCA pledges March update on Connaught redress deal

Investors in failed fund Connaught who are trying to claw back some of their losses must wait longer in limbo as the regulator admits it has still not brokered a deal to secure them redress.

The Financial Conduct Authority (FCA) has been trying to reach a ‘negotiated settlement' for investors between the liquidator of the Connaught Series 1 fund and its former operators, Capita Financial Managers and Blue Gate Capital. Investors are represented by the Connaught Action Group and major creditor HMRC. But a resolution has yet to be reached. The FCA has said talks are continuing and it will provide an update by the first week of March, or sooner "if circumstances allow". Last November the regulator extended its support for the process until January this year, longer than i...