In July 2013, the FCA issued proceedings against Capital Alternatives and 14 other parties alleging that two investment schemes, African Land and Reforestation Projects (known as Capital Carbon Credits), were operating illegally as collective investment schemes (CIS). Operating a CIS in the UK without authorisation is a criminal offence. Capital Alternatives argued that the schemes were direct purchases of property and therefore not collectives. The case began in October 2013 and was concluded in favour of the FCA in February 2013. This detailed overview produced by Intelligent Partnership’s Consultant Lisa Best looks at the case in detail and analyses the background…