FSA has issued public censure but no penalty against Capita Financial Managers Limited (CFM) in its role as Authorised Corporate Director of two investment funds. CFM had delegated its authority to manage the funds to such an extent that the FSA found that CFM had failed to maintain proper control and oversight over the investment fund. As part of an agreement to avoid a penalty of £4 million, CFM has agreed voluntarily to contribute £32 million to an investor redress scheme.