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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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Regulator admits it could have done better as Connaught Review released

The independent review of the Connaught property fund – the fund behind former bridging lender Tiuta – has been released prompting the chair of the Financial Conduct Authority (FCA) to admit that there were a number of things the regulator “could have done better”.
Bridging lender Tiuta went into administration back in September 2012 after a blackhole of approximately £20m had been found in its accounts at the beginning of 2011.
By December 2012, Connaught had entered liquidation. At that point, the outstanding principal invested by investors stood at £79m. Since then, investors have been campaigning to get their money back.
However, the FCA’s predecessor, the Financial Services Authority (FSA), was accused of ignoring a whistleblower that there was a hole in the accounts of Tiuta. Indeed it was 19 months before the FSA reported the matter to City of London Police. ....

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