Ian Gray & Associates Ltd v Investments Ltd [2016] EWHC 724 (Ch) (06 April 2016)

Ian Gray & Associates Ltd v Investments Ltd [2016] EWHC 724 (Ch) (06 April 2016)

The investment arrangements, including the pooling and investment of funds by Trustees and Berkeley, formed part of the bespoke SIPP and thus fell within the pensions exemption under the 2001 Order. Therefore, the arrangements did not amount to or form part of a collective investment scheme, and the relevant parts of the Amended Particulars of Claim disclosed no reasonable grounds for bringing the claim.

Citation
[2016] EWHC 724 (Ch)
Parties
Claimant and Respondent: Ian Gray & Associates Limited; Defendant and Applicant: Investments Limited (in liquidation)
Jurisdiction
England and Wales
Judgment Date
06 April 2016
Procedural Posture
Civil (chancery Division) / Application to Strike Out Parts of Amended Particulars of Claim Prior to Trial
Outcome
Application to strike out granted in part; permission to appeal granted to Claimant
Legal Topics
Collective Investment Schemes, Personal Pension Schemes, Striking Out Pleadings, Financial Services and Markets Act 2000, Civil Procedure Rules, Exemptions Under FSMA
Financial Services Law Pensions Law Civil Procedure Collective Investment Schemes Personal Pension Schemes Striking Out Pleadings Financial Services and Markets Act 2000 Civil Procedure Rules +1 more

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Parties

Ian Gray & Associates Limited

Claimant and Respondent

Investments Limited (in liquidation)

Defendant and Applicant

Procedural Posture

Civil (chancery Division) / Application to Strike Out Parts of Amended Particulars of Claim Prior to Trial

Legal Issues

  1. 1 Whether the investment arrangements constituted a collective investment scheme (CIS) under FSMA 2000
  2. 2 Whether the pensions exemption or common accounts exemption applied to the arrangements
  3. 3 Whether the Amended Particulars of Claim disclosed reasonable grounds for bringing the claim

Ratio Decidendi

The investment arrangements, including the pooling and investment of funds by Trustees and Berkeley, formed part of the bespoke SIPP and thus fell within the pensions exemption under the 2001 Order. Therefore, the arrangements did not amount to or form part of a collective investment scheme, and the relevant parts of the Amended Particulars of Claim disclosed no reasonable grounds for bringing the claim.

Court Disposition

Application to strike out granted in part; permission to appeal granted to Claimant

Orders

  • Strike out the paragraphs of the Amended Particulars of Claim identified by the Defendant
  • Order to embody agreed terms between parties