Connaught fund operator censured by FCA and enters liquidation professionaladviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionaladviser.com Daily Mail and Mail on Sunday newspapers.
UK Financial Conduct Authority: Blue Gate Capital Limited Ordered To Pay Connaught Investors £203,007 Date
18/12/2020
The FCA has publicly censured Blue Gate Capital Limited (Blue Gate) and ordered it to pay £203,007 in restitution to investors who lost money investing in the Connaught Income Fund, Series 1 (the Fund).
The Fund, also formerly known as the Guaranteed Low Risk Income Fund Series 1, is in liquidation.
The restitution payments to investors will be made via the FCA.
Mark Steward, the Executive Director of Enforcement and Market Oversight at the FCA said: ‘FCA-authorised operators of funds are expected to undertake sufficient due diligence on the funds they operate. In this case, significant and serious deficiencies existed in the Fund at the time Blue Gate became Operator of the Fund and these deficiencies left investors exposed and unprotected.