Duff & Phelps statement on FCA investigation into CFM

The Liquidators of the Connaught Fund have made the following comments on the announcement this morning that the FCA has arrived at the conclusion of its investigation on the conduct of CFM and that as a consequence of censure, a further sum of up to £66m is to be distributed to investors in the Fund.

Geoff Bouchier, Duff & Phelps, stated:

Since the outset of the liquidation, the Liquidators have encouraged the FCA to exercise its extensive powers, which were not available to the Liquidators or investors themselves, in an unprecedented manner and in a way that would result in meaningful compensation for investors.

Our investors are aware that we and the liquidation committee have been working very hard for them ever since the Fund failed in 2012, an important part of which has been our interaction with the FCA. That such a substantial payment will be made to the entire investor community, in a legal and regulatory environment of considerable complexity is something which we hope will be regarded as a very significant triumph.

Geoff concluded:

The Liquidators have provided investors with a comprehensive explanation of steps taken by the Liquidators which have assisted the FCA’s investigation and contributed to the outcome. We have also explained the methodology by which payments will be calculated and how the FCA will effect distributions.

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Duff & Phelps statement on FCA investigation into CFM

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