Decision Notice - British Land & Property Fund (Reg. #1016212) (2025-12-12)

Summary

This is a Decision Notice published by CIMA announcing that it has cancelled the mutual fund registration of British Land & Property Fund (Reg. #1016212). The action follows a Warning Notice and the Fund's failure to remedy longstanding statutory breaches.

• Breaches found: Failure to prepare and submit audited accounts for financial years ended 30 June 2018 through 2024, and failure to pay prescribed annual fees and accrued penalties for 2024 and 2025 (Mutual Funds Act sections 8 and 9).
• Additional issue: The Fund had no Registered Office, contrary to section 50(1) of the Companies Act (2025 Revision).
• Fitness and propriety: CIMA also found that director Mr. Jeremy Leach is not a fit and proper person to hold a director position at a regulated mutual fund.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Act, effective 25 November 2025.
• Appeal: The Fund has a right to appeal the decision to the Grand Court under section 36 of the Mutual Funds Act.

This notice is an enforcement outcome specific to this Fund rather than a rule of general application, but it illustrates CIMA's ongoing expectations that registered mutual funds file audited accounts, pay annual fees, and maintain a registered office.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

• 25 November 2025: Effective date of CIMA's decision to cancel the Fund's mutual fund registration.