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CONNAUGHT FUND

EDM (Early Day Motion) 781: tabled on 07 December 2016

Tabled in the 2016-17 session.

This motion has been signed by 38 Members. It has not yet had any amendments submitted.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Motion text

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 Financial Conduct Authority (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 the FSA's 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.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

Boswell, Philip
Scottish National Party
Signed on 13 December 2016
Coatbridge, Chryston and Bellshill
Bottomley, Sir Peter
Conservative
Signed on 7 December 2016
Worthing West
Brock, Deidre
Scottish National Party
Signed on 9 January 2017
Edinburgh North and Leith
Brown, Alan
Scottish National Party
Signed on 19 December 2016
Kilmarnock and Loudoun
Campbell, Mr Ronnie
Labour
Signed on 19 December 2016
Blyth Valley
Chapman, Douglas
Scottish National Party
Signed on 7 December 2016
Dunfermline and West Fife
Cherry, Joanna
Scottish National Party
Signed on 9 January 2017
Edinburgh South West
Crawley, Angela
Scottish National Party
Signed on 30 January 2017
Lanark and Hamilton East
Davies, Philip
Conservative
Signed on 9 January 2017
Shipley
Day, Martyn
Scottish National Party
Signed on 8 December 2016
Linlithgow and East Falkirk
Docherty-Hughes, Martin
Scottish National Party
Signed on 7 December 2016
West Dunbartonshire
Edwards, Jonathan
Plaid Cymru
Signed on 12 December 2016
Carmarthen East and Dinefwr
Ferrier, Margaret
Scottish National Party
Signed on 16 December 2016
Rutherglen and Hamilton West
Grady, Patrick
Scottish National Party
Signed on 19 December 2016
Glasgow North
Hendry, Drew
Scottish National Party
Signed on 19 December 2016
Inverness, Nairn, Badenoch and Strathspey
Kinahan, Danny
Ulster Unionist Party
Signed on 12 January 2017
South Antrim
Law, Chris
Scottish National Party
Signed on 8 December 2016
Dundee West
Leigh, Sir Edward
Conservative
Signed on 10 January 2017
Gainsborough
Mathias, Dr Tania
Conservative
Signed on 24 January 2017
Twickenham
McCaig, Callum
Scottish National Party
Signed on 19 December 2016
Aberdeen South
McDonald, Stewart Malcolm
Scottish National Party
Signed on 20 April 2017
Glasgow South
McGarry, Natalie
Independent
Signed on 13 December 2016
Glasgow East
Mulholland, Greg
Liberal Democrat
Signed on 9 January 2017
Leeds North West
Nicolson, John
Scottish National Party
Signed on 19 December 2016
East Dunbartonshire
O'Hara, Brendan
Scottish National Party
Signed on 7 December 2016
Argyll and Bute
Pugh, John
Liberal Democrat
Signed on 15 December 2016
Southport
Robinson, Gavin
Democratic Unionist Party
Signed on 12 December 2016
Belfast East
Salmond, Alex
Scottish National Party
Signed on 16 December 2016
Gordon
Stephens, Chris
Scottish National Party
Signed on 8 December 2016
Glasgow South West
Thewliss, Alison
Scottish National Party
Signed on 16 December 2016
Glasgow Central
Thompson, Owen
Scottish National Party
Signed on 9 January 2017
Midlothian
Vickers, Martin
Conservative
Signed on 8 February 2017
Cleethorpes

There are no withdrawn signatures for this motion.