FCA has published a statement confirming the broad approach it intends to take to complaints made to it in relation The Connaught Income Fund Series 1 and connected companies.
The majority of complaints received from investors by FCA concerning FCA and FSA’s actions in handling 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 decision, to refer their complaint to the Office of the Complaints Commissioner.
However, FCA committed to reconsidering the issue of remedies once the Independent Review was published. Having now done so, FCA considers that an apology is the most appropriate remedy in the circumstances and will be contacting the relevant complainants directly to provide its apology.