FSA Secures Winding-Up Orders Against Unauthorized Operators of Collective Investment Schemes

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On December 9, the UK Financial Services Authority (FSA) announced that it had obtained winding-up orders in the High Court against two UK entities: Bio Partners Ltd and Zambia Alpha One LLP. Each was a firm that was not FSA authorized and was operating a collective investment scheme (CIS) in breach of the “general prohibition” of the UK Financial Services and Markets Act 2000.

The firms operated a CIS which invested in a bio-fuel crop grown in Africa. They had collected almost £1 million (approximately $1.6 million) from the UK. The FSA petitioned the High Court for winding-up orders in the interests of consumer protection.

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