Financial Services – Financial Conduct Authority (FCA). In the course of proceedings brought against the defendants by the Financial Conduct Authority, a preliminary issue arose for determination. The defendants submitted that the schemes in issue were not collective investment schemes, as they had neither of the characteristics required by s 235(3) of the Financial Services and Markets Act 2000, namely, pooling of profit or management as a whole. The Chancery Division held that all of the investment schemes under consideration were collective investment schemes within the meaning of s 235 of the Act.