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Connaught Fund

EDM number 781 in 2016-17, proposed by Kirsten Oswald on 07/12/2016.
Categorised under the topic of Financial services.

That this House welcomes the findings of the Complaints Commissioner following complaints lodged by George Patellis and Adam Nettleship regarding the loss of over £100 million by investors in the Connaught Income Series 1 Fund; notes that Mr Patellis was Chief Executive of Tiuta PLC, a firm at the heart of the scandal, and his efforts to whistle-blow on mismanagement of the fund were met by a response from the Financial Services Authority (FSA) that the Complaints Commissioner described as uncoordinated and fragmented, and failed to prevent continuing detriment to investors; regrets the refusal of the FCA to accept the Commissioner's recommendation that Mr Patellis receive a public apology for the lack of care over his treatment as a whistle-blower and the defensive and insensitive manner in which it has defended its failure to refer Mr Patellis' evidence to the police or to advise him appropriately on his ability to do so; further notes that Mr Nettleship is an Independent Financial Adviser (IFA) and that the Commissioner found the FCA's emphasis on investors looking to IFAs for compensation may have had the effect of shifting the focus away from the possibility that there might also have been regulatory failure; considers that the Commissioner's findings raise serious questions of regulatory failure; expresses concern over whether companies involved in the Connaught Fund demonstrate an appropriate commitment to high ethical standards; and calls on Capita as original operator of the fund, and its successor Blue Gate, to acknowledge their responsibilities and offer investors realistic compensation.

This motion has been signed by a total of 38 MPs.

Kirsten Oswald07/12/2016East RenfrewshireScottish National PartyProposed
Marion Fellows07/12/2016Motherwell and WishawScottish National PartySeconded
Neil Gray07/12/2016Airdrie and ShottsScottish National PartySeconded
Hannah Bardell07/12/2016LivingstonScottish National PartySeconded
Kirsty Blackman07/12/2016Aberdeen NorthScottish National PartySeconded
Roger Mullin07/12/2016Kirkcaldy and CowdenbeathScottish National PartySeconded
Martin Docherty07/12/2016West DunbartonshireScottish National PartySigned
Douglas Chapman07/12/2016Dunfermline and West FifeScottish National PartySigned
Brendan O'Hara07/12/2016Argyll and ButeScottish National PartySigned
Peter Bottomley07/12/2016Worthing WestConservativeSigned
Chris Law08/12/2016Dundee WestScottish National PartySigned
Martyn Day08/12/2016Linlithgow and East FalkirkScottish National PartySigned
Chris Stephens08/12/2016Glasgow South WestScottish National PartySigned
Gavin Robinson12/12/2016Belfast EastDUPSigned
Jonathan Edwards12/12/2016Carmarthen East and DinefwrPlaid CymruSigned
Natalie McGarry13/12/2016Glasgow EastScottish National PartySigned
Phil Boswell13/12/2016Coatbridge, Chryston and BellshillScottish National PartySigned
John Pugh15/12/2016SouthportLiberal DemocratSigned
Alison Thewliss16/12/2016Glasgow CentralScottish National PartySigned
Margaret Ferrier16/12/2016Rutherglen and Hamilton WestScottish National PartySigned
Alex Salmond16/12/2016Signed
Ronnie Campbell19/12/2016Blyth ValleyLabourSigned
Callum McCaig19/12/2016Aberdeen SouthScottish National PartySigned
Alan Brown19/12/2016Kilmarnock and LoudounScottish National PartySigned
Patrick Grady19/12/2016Glasgow NorthScottish National PartySigned
Drew Hendry19/12/2016Inverness, Nairn, Badenoch and StrathspeyScottish National PartySigned
John Nicolson19/12/2016East DunbartonshireScottish National PartySigned
Joanna Cherry09/01/2017Edinburgh South WestScottish National PartySigned
Philip Davies09/01/2017ShipleyConservativeSigned
Owen Thompson09/01/2017MidlothianScottish National PartySigned
Deidre Brock09/01/2017Edinburgh North and LeithScottish National PartySigned
Greg Mulholland09/01/2017Leeds North WestLiberal DemocratSigned
Edward Leigh10/01/2017GainsboroughConservativeSigned
Danny Kinahan12/01/2017South AntrimUUPSigned
Tania Mathias24/01/2017TwickenhamConservativeSigned
Angela Crawley30/01/2017Lanark and Hamilton EastScottish National PartySigned
Martin Vickers08/02/2017CleethorpesConservativeSigned
Stewart McDonald20/04/2017Glasgow SouthScottish National PartySigned

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