The Financial Conduct Authority (FCA) has fined the authorised corporate director (ACD) of the collapsed Connaught Income Fund, the same week the FCA’s own handling of such scandals came under heavy criticism following a damning review.

The FCA has ordered ACD Blue Gate Capital to pay Connaught investors £203,007 after it failed to conduct adequate due diligence on the fund prior to taking it on, then did not ensure it was operating as it should.

These failings would have resu...