Takeaways From The Capita Financial Managers Sanction

Law360, New York (December 6, 2017, 2:27 PM EST) -- On Nov. 10, 2017, the U.K.'s Financial Conduct Authority publicly censured Capita Financial Managers (“CFM”) with respect to a collapsed unregulated collective investment scheme known as the Connaught Income Fund.

The collapse had caused the loss of around £118 million to investors. CFM’s failings related to a period between 2008 and 2009 where it had been the fund’s operator.

The FCA’s final notice stated that, given the failures it identified, a £15 million fine against CFM would have been appropriate. However, no fine was imposed. This...
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