Landbanking And The Wind-Up Of UK Land Investments

EDM number 1757 in 2007-08, proposed by Greg Mulholland on 11/06/2008.
Categorised under the topics of Financial institutions, Financial services and Planning.

That this House commends the action taken by the Financial Standards Authority to petition the High Court for a wind-up order against UK Land Investments, the country's largest landbanking firm, for operating an illegal collective investment scheme; hopes that this will lead to action being taken against other organisations engaged in landbanking, described as the practice of subdividing undeveloped land and selling individual plots to secondary investors at an inflated cost on the basis that they will profit from future development on the land; hopes that this decision will be the beginning of the end of this practice which has caused so many investors to lose money and blighted communities where these plots are located; and now calls on the Government to take action to outlaw this activity to protect both investors and communities.

This motion has been signed by a total of 30 MPs.