FCA Says Airport Parking Investment Scheme Breached Law

Law360, London (October 30, 2019, 5:26 PM GMT) -- The bosses of several airport parking investment schemes that collapsed this year promoted their deals without authorization and knew they were breaking the law, the Financial Conduct Authority has alleged in court documents.

The FCA is suing Park First Ltd., seven of its connected companies and two senior directors for restitution. The regulator alleges they ran so-called collective investment schemes — which can be operated only by regulated firms — in breach of the Financial Services and Markets Act 2000.

The authority announced the legal action on Oct. 17, but the court filing detailing the claim did not become available until...

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