Source: All England Reporter
Publisher Citation: [2016] All ER (D) 131 (Apr)
Neutral Citation: [2016] UKSC 17
Court: Supreme Court

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 - , .

The Case

Financial services Financial Conduct Authority. The Supreme Court, in dismissing the appellants' appeal, held that arrangements made by the first appellant company, which was controlled by the second appellant, to enable members of the public to invest in land, amounted to collective investment schemes within the meaning of of the Financial Services and Markets Act 2000 and, thus, 'regulated activities' for the purpose of s 19 of the Act.

Practice Areas

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