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UK Financial Conduct Authority: Blue Gate Capital Limited Ordered To Pay Connaught Investors £203,007

UK Financial Conduct Authority: Blue Gate Capital Limited Ordered To Pay Connaught Investors Â£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. ....

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UK Financial Conduct Authority Responds To Independent Reviews Into Its Regulation Of London Capital & Finance And Connaught

UK Financial Conduct Authority Responds To Independent Reviews Into Its Regulation Of London Capital & Finance And Connaught
Date
17/12/2020
The FCA has today responded to the independent reviews of its regulation of London Capital & Finance plc (LCF) and Connaught Income Fund Series 1 and connected companies (Connaught).
The reviews, undertaken by Dame Elizabeth Gloster and Raj Parker respectively, are now available – The LCF Review and The Connaught Review.
The FCA has accepted the nine recommendations addressed solely to the FCA in the LCF Review and the five lessons identified by the Connaught Review.
The LCF Review
The LCF Review has assessed the FCA’s actions, policies and approach when regulating LCF between April 2014 and January 2019. ....

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