Financial Services Authority v Watkins (t/a Consolidated Land UK) [2011] EWHC 1976 (Ch) (28 June 2011)

Financial Services Authority v Watkins (t/a Consolidated Land UK) [2011] EWHC 1976 (Ch) (28 June 2011)

The defendant operated a collective investment scheme within the meaning of section 235 FSMA 2000 without authorisation, in breach of the general prohibition in section 19. The FSA established that the defendant has no real prospect of successfully defending the claim, justifying summary judgment and the relief sought.

Citation
[2011] EWHC 1976 (Ch)
Parties
Applicant/claimant: The Financial Services Authority; Respondent/defendant: Stephen Ronald Watkins (trading as Consolidated Land UK)
Jurisdiction
England and Wales
Judgment Date
28 June 2011
Procedural Posture
Civil (financial Regulation) / Summary Judgment Application
Outcome
Summary judgment granted for the claimant (FSA).
Legal Topics
Collective Investment Schemes, General Prohibition Under FSMA, Summary Judgment, Injunctions, Restitution, Declaratory Relief
Financial Regulation Civil Procedure Collective Investment Schemes General Prohibition Under FSMA Summary Judgment Injunctions Restitution Declaratory Relief

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Parties

The Financial Services Authority

Applicant/claimant

Stephen Ronald Watkins (trading as Consolidated Land UK)

Respondent/defendant

Procedural Posture

Civil (financial Regulation) / Summary Judgment Application

Legal Issues

  1. 1 Whether the defendant operated an unauthorised collective investment scheme under section 235 of FSMA 2000
  2. 2 Whether the defendant contravened the general prohibition in section 19 of FSMA 2000
  3. 3 Whether declaratory, injunctive, and monetary relief should be granted

Ratio Decidendi

The defendant operated a collective investment scheme within the meaning of section 235 FSMA 2000 without authorisation, in breach of the general prohibition in section 19. The FSA established that the defendant has no real prospect of successfully defending the claim, justifying summary judgment and the relief sought.

Court Disposition

Summary judgment granted for the claimant (FSA).

Orders

  • Declaration that the defendant operated a collective investment scheme between 1 March 2007 and 27 May 2007.
  • Final injunction to be drafted in terms limiting its scope to prevent further contraventions of FSMA.