*Asset Land Investments Plc and another v Financial Conduct Authority

Financial services – Financial Conduct Authority. The appeal raised the question as to 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 s 235 of the Financial Services and Markets Act 2000. The judge declared that the first and third defendants had established and operated collective investment schemes and they appealed. The Court of Appeal, Civil Division, in dismissing the appeal, rejected their submissions that the judge had wrongly accepted the claimant's submissions and had erroneously given s 235 of the Act the very wide meaning that the Financial Conduct Authority had urged upon him.

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