Funds and asset management regulatory news, 26 April 2021

FIG Bulletin

Selected UK and EU regulatory updates of interest to the funds and asset management sector. See also our Related Materials links for regulatory updates of broad application.

Contents:

FCA approach to handling of Connaught complaints about FSA/FCA

Following the report of Raj Parker's "Independent Review into the FSA and FCA's handling of the Connaught Income Fund Series 2 and connected companies", the Financial Conduct Authority (FCA) has published a statement setting out its approach to assessing complaints relating to the Financial Services Authority's (FSA)  and FCA's handling of the Connaught Income Fund Series 1.

The FCA advises that most complaints received from investors concerning the FSA and FCA'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 respect of these complaints, the FCA committed to reconsidering the issue of remedies once the independent review was published. The FCA has now reconsidered these complaints taking account of its statement on its approach to remedies under the complaints scheme, the relevant factors in the complaints scheme and the statutory framework within which it operates.

The FCA considers an apology is the most appropriate remedy in the circumstances. It will contact the complainants directly to provide this apology.

 

Download the full regulatory news bulletin 

button

Authored by Yvonne Clapham

 

This website is operated by Hogan Lovells International LLP, whose registered office is at Atlantic House, Holborn Viaduct, London, EC1A 2FG. For further details of Hogan Lovells International LLP and the international legal practice that comprises Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses ("Hogan Lovells"), please see our Legal Notices page. © 2024 Hogan Lovells.

Attorney advertising. Prior results do not guarantee a similar outcome.