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Capita Must Repay £66M Over Collapsed Connaught Fund

Law360, London (November 10, 2017, 10:44 AM GMT) -- Capita Financial Managers has been forced to repay investors "up to" £66 million ($86.6 million) by Britain’s Financial Conduct Authority over its role in the collapsed Connaught Income Fund, it was announced Friday.

Capita was criticized by the regulator for failing to carry out proper due diligence on the collapsed fund, and "failed badly.” (AP) The Connaught Income Series 1 Fund, as it was known, which provided credit to Tiuta, a bridging loan firm, was suspended in March 2012 and entered into liquidation in September of...
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