FCA to continue support of Connaught negotiations

Back in July the regulator agreed to help support negotiations aimed at securing redress for investors in the collapsed £118m fund.

A statement from the regulator read: “We continue to believe that it is in the interests of investors and all parties to try to reach a negotiated settlement to address investor losses in the Connaught Series 1 Fund.

“Since mid-July the FCA has devoted considerable time and resource facilitating attempts to reach a practical and timely resolution.”

The FCA had initially said it would support the process until October 31 whilst indicating a willingness to continue support if it deemed it in the investors interest. As such it has now extended its support until late January 2015.

The FCA said: “We are working closely with interested parties and our current view is that it is still in the interests of investors for the FCA to continue to support these negotiations with a view to obtaining appropriate redress for them.”