Fund operator avoids £10m fine — but ordered to pay restitution to investors

By Neasa MacErlean

Fund operator Blue Gate Capital has avoideda £10 million penalty from the FCA because it has shown itself to be in a stateof “serious financial hardship”. But it has been publicly censured and orderedto pay £203,007 to investors who went into its Connaught Income Fund, Series 1.That fund is now in liquidation.