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The Financial Services Authority v Asset L I Inc and Others: ChD 8 Feb 2013

The court was asked whether so-called ‘land-banking’ schemes were ‘collective investments schemes’ within section 235. Held: Andrew Smith J discussed the difference in effect between the contra preferentem rule, and regulation 7 of the 1999 Regulations as principles of construction, concluding that they were ‘to much the same effect’, and decided that its activities amounted … Continue reading The Financial Services Authority v Asset L I Inc and Others: ChD 8 Feb 2013

Brown and Others v InnovatorOne Plc and Others: ComC 18 May 2012

The claimants had been advised to invest in a scheme promoted by the defendants with the assistance of their solicitors. On the failure of the scheme they now sought relief alleging inter alia, breach of trust. Held: The claims failed. In connection with the negative day-to-day control test under section 235(2), it was necessary to … Continue reading Brown and Others v InnovatorOne Plc and Others: ComC 18 May 2012

In re Sky Land Consultants Plc: ChD 3 Mar 2010

a land-banking arrangement was held to amount to a collective investment scheme within section 235. The company purported to change its practices following intervention by the FCA. The changes were held by the judge insufficient to take it outside section 235. On two sites, the Crewe land and the Winterton land, involving sales respectively of … Continue reading In re Sky Land Consultants Plc: ChD 3 Mar 2010

Financial Services Authority v Fradley and Another: ChD 21 Oct 2004

The authority sought an order restraining the defendants from operating a pool betting scheme whilst unauthorised. The defendant answered that it was not a collective investment scheme. Held: Where any property was acquired which was distinct from the contributions made, a collective scheme was created. That extra property might be something as little as a … Continue reading Financial Services Authority v Fradley and Another: ChD 21 Oct 2004

The Financial Conduct Authority v Capital Alternatives Ltd and Others: CA 25 Mar 2015

The court was asked four different schemes constituted ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act, two schemes in particular, one relating to exploitation of a rice farm in Sierra Leone, the other to tradable carbon credits in respect of forest areas in Australia, Sierra Leone and the Amazon. Sir … Continue reading The Financial Conduct Authority v Capital Alternatives Ltd and Others: CA 25 Mar 2015

Asset Land Investment Plc and Another v The Financial Conduct Authority: CA 10 Apr 2014

The court was asked whether certain sales of land, or arrangements relating to sales of land, at six sites in England were ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act. The company appealed from a finding that they were. Held: The liability on decision was upheld. Rimer, Gloster, Sharp LJJ … Continue reading Asset Land Investment Plc and Another v The Financial Conduct Authority: CA 10 Apr 2014

S and B Consultancy Services Ltd v Bourn and Anothers: ComC 20 Sep 2022

Judges: Mr Simon Birt KC Citations: [2022] EWHC 2359 (Comm) Links: Bailii Statutes: Financial Services and Markets Act 2000 Jurisdiction: England and Wales Financial Services Updated: 12 October 2022; Ref: scu.681195

Financial Services Authority v Fradley and Woodward: CA 23 Nov 2005

The defendant appealed against a finding that the pooled betting scheme they operated was governed by the Act. Held: Whether such an arrangement amounted to a collective investment scheme so as to be regulated was first a question of fact as to whether there was a single set of arrangements so as to constitute a … Continue reading Financial Services Authority v Fradley and Woodward: CA 23 Nov 2005

Asset Land Investment Plc and Another v The Financial Conduct Authority: SC 20 Apr 2016

Proceedings were brought against the appellant’s associated parties, alleging that they had carred on regulated activities without authorisation, contrary to section 19 of the2000 Act. They had offered various plots of land for sale, suggesting they would be seeking planning development permissions. Held: The appeal was dismissed. The company’s activities operated as ‘collective investment schemes’ … Continue reading Asset Land Investment Plc and Another v The Financial Conduct Authority: SC 20 Apr 2016

The Financial Conduct Authority v Macris: CA 19 May 2015

Appeal by the Authority against a decision by the Upper Tribunal (Tax and Chancery Chamber) deciding, as a preliminary issue determined in accordance with Rule 5(3)(e) of the Tribunal Procedure (Upper Tribunal) Rules 2008, that the respondent to . .

Financial Services Authority v Martin and Another: CA 25 Nov 2005

The respondents were a firm of solicitors who had acted for a client who carried on an unauthorised investment scheme. The Authority sought to recover losses from them.
Held: The solicitors had been concerned in the investment business, and . .