Financial Services Authority v Watkins (t/a Consolidated Land UK)

Financial Services Authority v Watkins (t/a Consolidated Land UK)

The defendant operated a collective investment scheme without authorisation, breached the general prohibition under section 19 of FSMA, and is liable for declaratory, injunctive, and monetary relief as the evidence overwhelmingly supports the FSA's case and the defendant has no real prospect of defending the claim.

Source-derived case information.

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 / Summary Judgment Application
Outcome
Summary judgment granted for the claimant
Legal Topics
Collective Investment Schemes, Unauthorised Financial Activities, Injunctions, Declaratory Relief, Interim Payments
Financial Regulation Civil Procedure Collective Investment Schemes Unauthorised Financial Activities Injunctions Declaratory Relief Interim Payments

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Parties

The Financial Services Authority

Applicant/claimant

Stephen Ronald Watkins (trading as Consolidated Land UK)

Respondent/defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether the defendant operated an unauthorised collective investment scheme
  2. 2 Whether the defendant breached the general prohibition under section 19 of FSMA
  3. 3 Entitlement to declaratory, injunctive, and monetary relief

Ratio Decidendi

The defendant operated a collective investment scheme without authorisation, breached the general prohibition under section 19 of FSMA, and is liable for declaratory, injunctive, and monetary relief as the evidence overwhelmingly supports the FSA's case and the defendant has no real prospect of defending the claim.

Court Disposition

Summary judgment granted for the claimant

Orders

  • Declaration that the defendant purported to operate a collective investment scheme between 1 March 2007 and 27 May 2007
  • Final injunction to be drafted with appropriate limitations