Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will request the Financial Conduct Authority to ensure that its investigation into the Connaught Income Fund Series 1 will result in adequate compensation for investors in that fund; and if he will request a timescale for the payment of such compensation.

I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.

On 10 March, the FCA provided an update on proceedings which can be found here:

https://www.fca.org.uk/news/fca-statement-on-connaught

The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.