The Financial Conduct Authority (FCA) continues to engage with interested stakeholders regarding the Connaught Income Series 1 Fund.
We continue to believe that it is in the interests of investors and all parties to try to reach a negotiated settlement to address investor losses in the Connaught Series 1 Fund. Since mid-July the FCA has devoted considerable time and resource facilitating attempts to reach a practical and timely resolution.
The FCA previously indicated it was minded to support the process until 31 October but may consider extending this if we believed it to be in the interests of investors to do so. We are working closely with interested parties and our current view is that it is still in the interests of investors for the FCA to continue to support these negotiations with a view to obtaining appropriate redress for them. The FCA's support for these negotiations will now extend to late January 2015.