Paul Blomfield – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Paul Blomfield on 2016-02-03.

To ask Mr Chancellor of the Exchequer, what progress his Department and the FCA have made on the Connaught Income Fund Series 1.

Harriett Baldwin

The FCA is an independent, non-governmental organisation, and so it would not be appropriate for the government to intervene in, or comment on, their ongoing investigation into the Connaught Income Fund Series 1.

On 29 January, the FCA published on their website an update to investors on the Connaught Income Fund. This update outlines that a settlement has been reached between the liquidators of the fund and Capita Financial Managers Ltd. The FCA have asked the liquidators to distribute the settlement sum to investors as soon as possible. The update also states that while the FCA’s investigation is ongoing, they will not provide any comments or details on progress because to do so may later turn out to be misleading.