Raj Parker has announced that the independent investigation into the approach to, implementation and oversight of the Connaught Income Fund Series 1 (the Fund) is now up and running and is inviting affected individuals to get in touch.
The review will consider the proportionality, appropriateness and effectiveness of the actions taken by the Financial Services Authority (FSA) and later the Financial Conduct Authority (FCA) when supervising Tiuta, Capita and Blue Gate.
Raj Parker said:
‘As part of this independent review, I will be investigating the regulators’ approach to and response to intelligence, as well as the FCA’s involvement in the mediated negotiations before the launch of enforcement investigations in March 2015. I will also look at whether the regulator’s jurisdiction at the time impacted its ability to protect consumers and whether its approach to communications with investors in the Fund was appropriate, timely and transparent.
‘An assessment of the FSA/FCA’s actions and any lessons to be learned will be made publicly available. I am keen to hear from anyone who has been affected and would encourage them to email any relevant information to me.’
On 20 June 2019, the FCA announced the appointment of Raj Parker[1] to carry out the review and published a detailed Terms of Reference[2] setting out the scope and parameters of the review.
Information relating to the independent investigation can be found on the Review of the Connaught Income Fund Series 1[3] webpage, which will be updated regularly. This webpage also includes the protocol for the conduct of the investigation.
Impacted individuals can email any relevant information to: [email protected]. This email address will only be accessed by Raj Parker and his independent team.
Notes to editors.
- Bio: Raj Parker is an Associate Member at Matrix Chambers and a part-time judge and arbitrator. He has conducted many investigations into governance and conduct issues in many different sectors for over 30 years. He has extensive experience in financial markets and regulatory investigations. Before joining Matrix he was a Partner at Freshfields for 23 years, where he specialised in international commercial and financial services dispute resolution.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). On 1 April 2014, the FCA took over responsibility for consumer credit regulation.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[4].