FCA orders Blue Gate to pay over £200,000 in compensation to Connaught investors

Blue Gate breached two of FCA's Principles for Business

The Financial Conduct Authority (FCA) has ordered Blue Gate Capital Limited to pay over £200,000 in compensation to investors who lost money investing in the Connaught Income Fund.

The City regulator said it had censured Blue Gate and told the firm to pay £203,007 in restitution to investors in the fund, which is currently in liquidation, via the FCA. Blue Gate was found to have breached Principle 2 and 7 of the FCA's Principles for Business, the FCA said. FCA execs face pressure to hand back £90k bonuses after LCF and Connaught reviews - reports Principle 2 was breached by Blue Gate failing to conduct adequate due diligence on the Connaught fund prior to taking it on; failing to investigate potentially serious issues with the fund of which it was aware; and ...