The Financial Conduct Authority (“FCA”) brought proceedings against Asset Land Investment plc along with its principal owner and director, Mr. Banner-Eve (the “Appellants”). The Appellants had been found to be operating an unauthorised real estate collective investment scheme (“CIS”).

Operating a CIS is a regulated activity under the Financial Services and Markets Act 2000 (“FSMA”) and therefore a CIS operator is required to be authorised, and failure to do so is a criminal offence. The Appellants in this case, should have been authorised as AIFMs, as operators of the scheme.

The attached document contains a summary of the key points of the case.

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