FCA to launch third party review of Connaught collapse

Speaking at annual public meeting

The Financial Conduct Authority (FCA) is to launch a third-party investigation into the 2012 collapse of the Connaught fund.

Chief executive Andrew Bailey confirmed at the regulator's annual public meeting on Tuesday that it was in the process of finalising its own review of the fund's failure and would appoint a third party upon completion. FCA dawn raids approach pre-crisis lows The Connaught Series 1 Income fund, which invested in the no-longer-operating bridging loan firm Tiuta, lost investors as much at $100m in its 2012 collapse. FCA investigations have been focused on management firms Capita Financial and Blue Gate Capital, which each managed the fund between April 2008 to September 2009, and Sept...