FCA to continue support of Connaught negotiations

Ryan Fowler

November 5, 2014

Back in July the regulator agreed to help support negotiations aimed at securing redress for investors in the collapsed £118m fund.

A statement from the regulator read: “We continue to believe that it is in the interests of investors and all parties to try to reach a negotiated settlement to address investor losses in the Connaught Series 1 Fund.

“Since mid-July the FCA has devoted considerable time and resource facilitating attempts to reach a practical and timely resolution.”

The FCA had initially said it would support the process until October 31 whilst indicating a willingness to continue support if it deemed it in the investors interest. As such it has now extended its support until late January 2015.

The FCA said: “We are working closely with interested parties and our current view is that it is still in the interests of investors for the FCA to continue to support these negotiations with a view to obtaining appropriate redress for them.”

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