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FsA abolished and replaced by FCA and PRA

The City has a new behavioural watchdog in the form of the Financial Conduct Authority (FCA).  A second new organisation, the Prudential Regulation Authority (PRA), which is part of the Bank of England, is tasked with looking after all deposit-taking institutions, insurers and investment banks. The FCA is headed by Martin Wheatley, who said in a speech last year that,…

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Land banking company was operating collective investment scheme

In the FsA v Asset Land Investment Inc and others [2013] EWHC 178 the question for the High Court (Andrew smith J) was whether the land banking scheme operated by the defendant(s) was a “collective investment scheme” within the definition of section 235 FisMA 2000. Investors were sold plots of land at a number of…

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