|Source:||All England Reporter|
|Publisher Citation:|| All ER (D) 131 (Apr)|
|Neutral Citation:|| UKSC 17|
Lord Mance, Lord Clarke, Lord Sumption, Lord Carnwath and Lord Hodge SCJJ
|Representation||Michael Blair QC and Robert Purves (instructed by Morrisons Solicitors LLP) for the appellants.|
|Nicholas Peacock QC, Tim Penny QC and Philip Hinks (instructed by the Financial Conduct Authority Legal Department) for the FCA.|
|Judgment Dates:||20 April 2016|
Financial services - Financial Conduct Authority - Regulation of financial services - Respondent Financial Conduct Authority issuing proceedings, alleging carrying on of unauthorised collective investment schemes - Activities relating to sales of individual plots at six possible development sites - Judge holding activities amounting to collective investment schemes - Court of Appeal, Civil Division, upholding decision on liability - Appellants appealing - Whether Court of Appeal erring in identification of component parts of arrangements and giving inadequate weight to essential feature of arrangements - Whether court erring in treating 'the property' as each site acquired by company - Whether arrangements reserving to investor final decision as to exploitation of property pursuant to arrangements - , .