VALE MP secures Parliament debate
6:35pm Tuesday 6th May 2014 in News
VALE MP Alun Cairns has secured a Parliamentary debate into liquidation of a fund that lost investors close to £110 million.
Mr Cairns will discuss the Connaught Income Fund Series 1 and the role of the Financial Conduct Authority (FCA) (then Financial Services Authority, FSA).
The Connaught Income Fund Series 1 was liquidated in 2012 after investing £106million with bridging loans company Tiuta before a string of defective loans lost the money.
The Vale MP had been contacted by constituents from across the Vale, some who have suffered significant losses through the Fund.
Mr Cairns has been working closely with Guto Bebb, MP for Aberconwy and a growing number of MPs who have been contacted by constituents who have been affected.
Mr Cairns has met with the FCA and HM Treasury to try to establish the regulatory responsibilities of this complex situation.
The debate will give MPs an opportunity to reflect on the situation and better understand the regulatory responsibilities.
Mr Cairns explained: "I am really pleased to have secured a debate to discuss the Connaught Income Fund Series and the role of the Financial Conduct Authority.
"This debate will allow parties to raise the issue and discuss the regulatory responsibilities of the complex situation.
"I have previously called on the FCA to explain exactly what action they took when they became aware of the issue of the Fund. I have also met the HM Treasury Minister to discuss the case.
"Serious accusations have been made and it is only right that we have all the information to enable an informed judgement to be made. I hope this debate will serve as an opportunity for the Minster and FCA to be aware of the strength of support for the campaign."