BlueCrest and FCA settle $101m redress scheme, public censure but no fine

BlueCrest Capital Management have agreed a US$101 million redress arrangement with the Financial Conduct Authority and a public censure after a four-year dispute with the regulator which, in 2021, held it responsible for conflict of interest failings in the way it managed a retail fund.

By Neasa MacErlean

A £40m fine on the hedge fund was dropped in the settlement discussions. In a statement published in the Financial Times, the company, which was co-founded by billionaire Michael Platt, said: "BlueCrest does not accept the findings set out in the final notice issued by the FCA." BlueCrest - based near London's Victoria station - was "once one of the world's biggest macro hedge funds and at its peak ran about $36bn in assets", according to the FT.