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CPI Capita Plc

13.20
-0.12 (-0.90%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Capita Plc LSE:CPI London Ordinary Share GB00B23K0M20 ORD 2 1/15P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.12 -0.90% 13.20 13.16 13.25 13.43 12.91 13.20 10,031,313 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 3.01B 74.8M 0.0444 2.97 222.02M

Capita plc - Connaught final settlement

10/11/2017 7:17am

PR Newswire (US)


Capita (LSE:CPI)
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From Mar 2019 to Mar 2024

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Capita concludes full and final settlement with FCA regarding

Connaught Income Series 1 Fund

Capita plc (“Capita”) announces today that it has agreed a full and final settlement with the Financial Conduct Authority (FCA) regarding the Connaught Income Series 1 Fund (“The Fund”). Capita Financial Managers Limited ("CFM") was the Operator of the Fund until September 2009, when it was replaced by an unrelated company as Operator, following which CFM had no further involvement with the Fund. The Fund went into liquidation in 2012 and its liquidator brought a claim against both former Operators, which for its part, Capita settled in 2016 for a sum of £18.5m.

The FCA has been undertaking a formal review of the activities of both Operators and has announced today that it has concluded that CFM did not meet all of its regulatory requirements in the period April 2008 to September 2009. To ensure that investors receive appropriate redress and to bring this matter to a close enabling the smooth disposal of CFM, CFM and Capita have agreed a full and final settlement with the FCA. In reaching this settlement, the full cooperation which CFM has given to the FCA during the course of its investigation has been acknowledged.

CFM has agreed to up to a further £66 million being made available for the benefit of the Fund’s investors, with Capita agreeing to fund this amount. The FCA considers that this payment will be sufficient to return the amount originally invested, taking into account any interest, distributions and other payments that have already been received, with the intention of placing investors as closely as possible back into the position they would have been in if they had never invested in the Fund. Capita is expecting to make redress payments to the Fund’s investors via the FCA and their agents during the first quarter of 2018.

This settlement allows for the available funds to be directed towards the Fund’s Investors. Given the circumstances, the FCA do not consider that it would be appropriate to require CFM to pay a financial penalty.

As the FCA had previously indicated to Capita that it was minded to seek a financial penalty against CFM, Capita had made provision for the full potential amount of the financial penalty and associated legal costs (£37m). Based on the information available at that time it was not however possible to determine what the ultimate outcome of the FCA investigation would be.

Capita completed the disposal of its Asset Services businesses, including CFM, to the Link Group on 3 November 2017.

-Ends-

Notes:

  1. The FCA has stated that it is appointing an agent to carry out the calculation and distribution of monies to investors. It is not necessary for investors to take any further action at this time. The FCA or its agent will contact each investor with an outstanding claim against the Fund with more details shortly.

  2. Capita is a leading UK provider of technology enabled customer and business process services and integrated professional support services. With 67,000 people at over 500 sites across the UK, Europe, India and South Africa, Capita uses its expertise, infrastructure and scale benefits to transform its clients' services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L). Further information on Capita can be found at: http://www.capita.com. LEI no. CMIGEWPLHL4M7ZV0IZ88.

This announcement contains inside information.

For further information:

Capita plc Tel: 020 7799 1525
Andrew Ripper, Head of Investor Relations
Fiona O’Nolan, Director, Corporate Communications
IRTeam@capita.co.uk

Media enquiries:

Powerscourt Tel: 020 7250 1446
Peter Ogden and Andy Jones
capita@powerscourt-group.com

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