Im pleased to see the Supreme Court today ruled in favour of the FCA in the Asset land landbanking case. The Supreme Court was asked to consider whether the scheme operated by the company fell within the meaning of an unauthorised collective investment scheme contrary to the Financial Services and Markets Act 2000.
The case has made its way through the High Court, Court of Appeal and now the Supreme Court, all Courts ruling in the FCA’s favour.
The FCA has reported the result on their website here http://www.fca.org.uk/news/fca-wins-supreme-court-case
The Supreme Court youtube channel can be found here https://www.youtube.com/watch?v=EguCOb7vZvA
It is however important to remember that many people were caught out by these scams whereby the company offers plots of land for sale with overinflated promises of returns, and promises of planning permission being granted. Often the promises also suggested that the company would undertake all the work to ensure planning permission was granted and on some occasions, they would promise to assist with the sale of the land to developers.
Many consumers handed over large sums of money to these firms. In many cases the consumers have lost their life savings with little hope of securing redress from the landbanking company as the profits are all gone.
However, it is often overlooked that if the consumer paid some of the purchase price using a credit card, then they may be able to seek to recover all of the monies paid under the Consumer Credit Act 1974.
If you have been caught out by such a firm then you should seek legal advice urgently.