Several months after the FCA ordered the firm to pay £203,007 in restitution to investors
Blue Gate Capital has appointed Jason Mark Elliott and Craig Johns of Cowgill Holloway Business Recovery on 1 March 2021 to liquidate the company.
The firm was one of the operators of the Connaught Income Fund Series 1, which collapsed in 2012 causing investors to lose around £118m ($164m, €136m).
The Connaught fund was an unregulated collective investment scheme run by Capita Financial Managers and, from 2009, Blue Gate Capital, providing short term bridging finance to commercial operators in the UK property market.
Fine
After an investigation into the scandal, the FCA said that the firm “failed to communicate with the fund’s investors in a way that was clear, fair and not misleading”.
FCA admits ‘mistakes’ after scathing reports on mini-bond and collapsed fund scandals
‘We are profoundly sorry for the mistakes we have made’
Two independent investigations into the Financial Conduct Authority’s (FCA) handling of the London Capital Finance (LCF) mini-bond mis-selling and the collapse of the Connaught fund have revealed a raft of serious regulatory failures.
The Connaught review found that the FCA’s actions put in place to remedy the effect of the collapse of the collective investment scheme – including putting out consumer alerts, contacting IFAs, and varying some permissions – were “well-intentioned but insufficient to protect those persons who invested in the fund before May 2011, or who did so in the following period leading up to the collapse of the fund in 2012”.
Victims get Connaught failure payout thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
Bondholders will be able to claim compensation from regulator, economic secretary says
Two independent investigations into the Financial Conduct Authority’s (FCA) handling of the London Capital Finance (LCF) mini-bond mis-selling and the collapse of the Connaught fund have revealed several regulatory failures.
The Connaught review found that the FCA’s actions put in place to remedy the effect of the collapse of the collective investment scheme – including putting out consumer alerts, contacting IFAs, and varying some permissions – were “well-intentioned but insufficient to protect those persons who invested in the fund before May 2011, or who did so in the following period leading up to the collapse of the fund in 2012”.
Blue Gate escapes $13 5 million Connaught fund fine from FCA reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.