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 to a collective investment scheme, in breach of the Act. After a second hearing on remedies the judge directed an inquiry into the amounts of restitutionary orders to be made under section 382.
Andrew Smith J
[2013] EWHC 178 (Ch), [2013] 2 BCLC 480, [2013] WLR(D) 54
Bailii, WLRD
Financial Services and Markets Act 2000 235, Unfair Terms in Consumer Contracts Regulations 1999 7
England and Wales
CitedFinancial 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 . .

Cited by:
ApprovedAJ Building and Plastering Ltd v Turner and Others QBD 11-Mar-2013
An insurance company had engaged a main contractor to handle repairs to houses insured under its policies. The contractor had engaged the claimant subcontractor to carry out the works at the defendants’ homes, but then went into insolvent . .
At ChDAsset 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 . .
At ChDAsset 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 . .

These lists may be incomplete.
Updated: 30 April 2021; Ref: scu.470857