Last week the UK securities regulator delivered a damning verdict on those involved in the split capital investment trust fiasco - the latest scandal to tarnish the reputation of the financial industry in London.

John Tiner, managing director of the Financial Services Authority (FSA), did not mince his words. 'Some funds and advisers have been either deluding their customers or deluding themselves. Neither is acceptable when dealing with people's savings and security,' he said.