Connaught independent review invites individuals to get in touch

Independent Reviewer Raj Parker has announced that the independent investigation (the Review) into the FSA/FCA’s regulatory approach to, implementation and oversight of the Connaught Income Fund Series 1 (the Fund) invites affected individuals to get in touch.

A consultation process is underway which will give individuals the opportunity to provide further information in relation to the demise of the Fund and the FSA / FCA's actions. The purpose of this process is to provide relevant factual information and support the independent review in identifying any lessons to be learned from a range of perspectives. The deadline for responses is 8 November 2019.

"I invite anyone affected by or involved with the Fund who wishes to do so to email the address below, by 8 November 2019. Responses should be limited to the matters which fall within the scope of the Review, as set out at paragraph 4 of the Terms of Reference, and it would be of great assistance to me if each part of any response could identify the issue(s) in the Terms of Reference to which they relate. It would also be of assistance if affected individuals could identify what they consider the FSA/FCA could have done differently with regard to the matters set out in paragraph 4, and whether the FSA/FCA has adopted any lessons learned to date.  

At least initially, responses will be accepted in writing only, by email to [email protected]. All emails to this account will be reviewed and taken into account, but I will be unable to respond individually to any substantive questions or issues raised.

If anyone feels strongly that it is necessary for them to make representations to me in person or by telephone, they should state this in their responses and set out clearly why it is necessary for them to do so."

The Independent Reviewer will consider all requests to make oral representations on a case by case basis. It is anticipated that oral representations will only need to be made in exceptional cases; for example, if a respondent feels that they are unable to express themselves clearly in writing and there is a risk of their written response being misunderstood, or if there is a good reason for not responding in writing.

Any meetings between the Independent Reviewer and respondents will take place in London at a mutually convenient time during the period 4 – 29 November 2019.If it is not possible for respondents to travel to London, telephone or video conferences can be arranged.

It is anticipated that any meetings or telephone / video conferences will be scheduled for no more than 1 hour. It should be emphasised that, although the Independent Reviewer may ask questions and seek clarification from respondents, it will not be possible for him to answer any questions.

How to submit a response and what to include

  1. Responses should include the following details:
    1. Full name (and, if different, legal name)
    2. Telephone number and email address
    3. An indication of where you are based (for logistical purposes)
    4. Nature of involvement with Connaught Income Fund Series 1 and relevant time period
    5. If you suffered a financial loss, how much, and how?
    6. To which issue(s) in the Terms of Reference for the Review does your response relate, and why?
  2. The Terms of Reference may be found here - https://www.fca.org.uk/publication/corporate/terms-of-reference-connaught-income-fund-series-one-connected-companies.pdf
  3. Please email responses to [email protected]
    This email address will only be accessed by Raj Parker and his independent team.
  4. The deadline for responses is 8 November 2019.
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