In December we published the report[1] of Raj Parker’s 'Independent Review into the FSA and FCA’s handling of the Connaught Income Fund Series 1 and connected companies', and our response[2] to that review. In our response we said that we were sorry for the errors we made in this case and that we accepted and will implement all the Review’s lessons. We are making good progress in implementing those lessons.
The majority of complaints received from investors by the FCA concerning the FCA and FSA’s actions in its handling of the collapse of the Fund were investigated, determined with decision letters and closed in 2017. At that time complainants were informed of their right, if they were dissatisfied with our decision, to refer their complaint to the Office of the Complaints Commissioner. In regard to these complaints received by the FCA, we committed to reconsidering the issue of remedies once the Independent Review was published. We have now reconsidered these complaints taking account of our approach to remedies, the relevant factors in the Complaints Scheme and the statutory framework within which we operate. We consider that an apology is the most appropriate remedy in the circumstances.
We will be contacting these complainants directly to provide our apology.