The UK Supreme Court has dismissed the defendant’s appeal in the case of Asset Land Investment plc v FCA [2016] UKSC 17, in which the High Court found that Asset Land ran an illegal land bank by operating a CIS without authorisation The Supreme Court found that, although investors were the legal owners of their individual plots of land, in reality, the arrangements of the scheme were such that investors did not have control over their investments and Asset Land was the central operator of the scheme. The FCA has welcomed the judgment, confirming that it is necessary to consider the substance of the arrangements put in place by the operator when assessing whether they are operating a CIS. Operators of these schemes will not be able to benefit by providing purely illusory rights to investors. To avoid being found to have operated a CIS, operators must ensure that investors have genuine control over their investments.