Connaught Scandal Prompts FCA To Review Its Oversight

Law360, London (June 20, 2019, 5:07 PM BST) -- The U.K.’s financial regulator said Thursday that it has appointed two experts to review its oversight of an unregulated investment scheme that collapsed in 2012, as well as the way it handled the misselling of interest rate hedging products by Britain’s biggest banks.

The Financial Conduct Authority said it has appointed part-time judge Raj Parker to independently review whether its predecessor, the Financial Services Authority, missed opportunities to spot dangers at the Connaught Income Fund Series 1 — an unregulated investment scheme that went into liquidation in 2012 amid allegations of negligence and fraud.

And the City watchdog has picked John...

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