April 14, 2014 / 10:17 AM / in 4 years

BRIEF-FCA says land bank firm it shut down has appeal rejected by court

April 14 (Reuters) - Financial Conduct Authority (FCA)

* Land bank firm shut down by the FCA has appeal rejected by court

* Judgment makes clear that law around collective investment schemes (CIS), which require (FCA) authorisation, does apply to these types of scheme and that any effort to avoid authorisation on technical legal points will be unlikely to succeed.

* Decision paves way for some money to be returned to investors, but it is unlikely to be full amount

* Aiming to return as much as money possible to investors, but it is unlikely to be full amount they invested

* Court of appeal has dismissed, on all counts, an appeal by David Banner-Eve and Asset Land L.I. Asset Land L.I. was a land banking firm run by Banner-Eve and his associates.

* Has not identified any assets of defendants that would enable more than a small proportion of these payments to be made

* Defendants in CAL are seeking to take this to court of appeal

* Asset land appeal decision could still be appealed to supreme court

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