The FCA has published a statement setting out its approach to assessing complaints arising from its handling of the collapse of the Connaught Income Fund Series 1 (the Fund). This statement follows the publication of Raj Parker’s report, ‘Independent Review into the FSA and FCA’s handing of the Connaught Income Fund Series 1 and connected companies’ (the Review), and the FCA’s response to that review, in December 2020.
The FCA states that the majority of complaints received from investors concerning the FCA and FSA’s actions in its handling of the collapse of the Fund were investigated, determined with decision letters and closed in 2017. At that time complainants were informed of their right, if they were dissatisfied with the FCA’s decision, to refer their complaint to the Office of the Complaints Commissioner. In regard to these complaints received by the FCA, the FCA committed to reconsidering the issue of remedies once the Review was published.
Since the Review has been published, the FCA has reconsidered these complaints taking account of the FCA’s approach to remedies, the relevant factors in the Complaints Scheme and the statutory framework within which it operates, and has concluded that an apology is the most appropriate remedy in the circumstances. The FCA will be contacting these complainants directly to provide this.
FCA statement on its approach to assessing the Connaught complaints
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