Independent review of the Connaught Income Fund Series 1

An independent review into the FSA’s – and subsequently the FCA’s – approach to, implementation and oversight of the Connaught Income Fund Series 1.

Background to the Connaught review

The FCA Board committed to a review in 2016, following the Complaints Commissioner’s recommendation. This followed the investigation of a complaint made by a whistleblower who provided intelligence on the Connaught Fund.

The start of the review was deferred until it would no longer prejudice any enforcement investigations.

The independent 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. It looks at the regulators’ approach to and response to intelligence, plus the FCA’s approach to and involvement in the mediated negotiations before the launch of enforcement investigations in March 2015.

Independent Reviewer and scope of the review

On 20 June 2019, the FCA announced the appointment of Raj Parker to carry out the review and published a detailed Terms of Reference setting out the scope and parameters of the review.

In scoping this review, the FCA has considered points raised in correspondence from MPs, enquiries from investors and the formal complaints against the FSA and FCA. We have also reviewed the evidence from FSA/FCA Senior Managers appearances at relevant sessions before the Treasury Select Committee.

The FCA also sought the input of key external stakeholders or represented parties affected by the failure of the Connaught Fund.

Review Protocol

A Protocol setting out the approach to the conduct of the investigation and underlining the nature of the review was published on 14 August 2019.

Review commencement

On 15 October 2019, Raj Parker invited affected individuals to get in touch. The deadline for responses is 8 November 2019.

Raj Parker biography

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.


To contact the Independent Review team, please email [email protected].

This email address will only be accessed by the Independent Reviewer and his independent support team.