FCA Orders Connaught Fund Operator To Repay Investors

Law360, London (December 18, 2020, 12:37 PM GMT) -- The Financial Conduct Authority said Friday that it has ordered Blue Gate Capital to repay £203,000 ($275,000) to investors who lost money when the unregulated Connaught Income Fund collapsed, as the regulator "publicly censured" the operator of the fund.

The FCA said it found that Blue Gate Capital Ltd., which is authorized by the City watchdog, had breached its rules by failing to carry out proper checks on the Connaught Income Fund Series 1 before taking over as its operator in September 2009.

The failings would have cost the operator £10 million, but the FCA acknowledged that Blue Gate is in...

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