Asked by: Royston Smith (Conservative - Southampton, Itchen)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what progress the Financial Conduct Authority has made in the investigation of the Connaught Income Fund.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honourable Member by letter. A copy of the letter will be placed in the library of the House.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Answer of 17 December 2015 to Question 20232, what progress the Financial Conduct Authority has made in its investigation into issues relating to the Connaught fund.
Answered by Simon Kirby
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Kirsten Oswald (Scottish National Party - East Renfrewshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that potential remedies for people affected by the collapse of the Connaught Income Services 1 Fund are not ruled unattainable as a result of the time taken by the Financial Conduct Authority to conclude its investigation into that matter.
Answered by Simon Kirby
This is a matter for the Financial Conduct Authority (FCA).
The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry within the framework of statutory objectives and duties agreed by Parliament. Although the Treasury is responsible for the legal framework, it has strictly limited powers in relation to the FCA.
This question has been passed on to the FCA. They will reply directly to the Honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: David Hanson (Labour - Delyn)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Oral Contribution of the Economic Secretary to the Treasury of 1 February 2016, Official Report, column 748, what further progress has been made on investigations into the Connaught Income Fund, series 1.
Answered by Harriett Baldwin
The issues raised are a matter for the Financial Conduct Authority (FCA) who are operationally independent from Government.
The questions have been passed on to the FCA. The FCA will reply directly to the Honorable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Rob Marris (Labour - Wolverhampton South West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when his Department plans to respond to the letter from the hon. Member for Wolverhampton South West dated 11 January 2016 on the Connaught Income Fund, reference ZA2351.
Answered by Harriett Baldwin
I have replied to the hon. Member.
Asked by: Angela Watkinson (Conservative - Hornchurch and Upminster)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information he holds on the reasons why the Financial Conduct Authority has not sought a restitution order against (a) Capita, (b) Blue Gate and (c) the directors of Tinta plc in relation to the Connaught Income Fund.
Answered by Harriett Baldwin
The issues raised are a matter for the Financial Conduct Authority (FCA) who are operationally independent from Government.
The questions have been passed on to the FCA. The FCA will reply directly to the Honorable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Paul Blomfield (Labour - Sheffield Central)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what progress his Department and the FCA have made on the Connaught Income Fund Series 1.
Answered by Harriett Baldwin
The FCA is an independent, non-governmental organisation, and so it would not be appropriate for the government to intervene in, or comment on, their ongoing investigation into the Connaught Income Fund Series 1.
On 29 January, the FCA published on their website an update to investors on the Connaught Income Fund. This update outlines that a settlement has been reached between the liquidators of the fund and Capita Financial Managers Ltd. The FCA have asked the liquidators to distribute the settlement sum to investors as soon as possible. The update also states that while the FCA’s investigation is ongoing, they will not provide any comments or details on progress because to do so may later turn out to be misleading.
Asked by: Helen Jones (Labour - Warrington North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information the Financial Conduct Authority holds on (a) the reasons for which Mourant Fund Services Ltd did not complete its transaction to take over the operation of the Connaught Income Fund in 2009 and (b) whether at the time Mourant Fund Services Ltd was in possession of information about the Connaught Income Fund which should have been reported to the regulatory authorities.
Answered by Harriett Baldwin
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honorable Member Helen Jones by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Helen Jones (Labour - Warrington North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to ensure that Capita Financial Managers Ltd (a) are investigated for their role in the running of and (b) pay compensation to people who invested in the Connaught Income Fund.
Answered by Harriett Baldwin
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honorable Member Helen Jones by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Helen Jones (Labour - Warrington North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on its investigations into the operation of the Connaught Income Fund; and if he will make a statement.
Answered by Harriett Baldwin
Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel