Two financial advisers serving prison time for their roles in a £3m property scam have been ordered to pay back just £1 each.

FIVE THINGS

A land banking operation which was continuing the work of a business previously shut by the Insolvency Service has itself been wound up.

The Association of Independent Financial Advisers (AIFA) is still hopeful of more amendments to the Financial Services Bill, including the reintroduction of a long-stop, after the legislation progressed through its latest stage.

The Financial Services Authority is to explore changes to the client assets regime in the wake of the Lehman Brothers failure.

SAFETY NET

The Chancellor has set out plans to clamp down on the use of tax loopholes and reliefs as part of a raft of measures targeting the wealthy.

Corporation tax is to be reduced from 26% to 24% from 1 April in an attempt to attract business investment.

The Financial Services Authority (FSA) has won a £32m judgment against the individuals behind three land banking operations, although it has warned investors are unlikely to recover most of the money.

An independent financial adviser who admitted to offending a client while drinking alcohol has been given the right to appeal an employment tribunal's decision that her sacking was justified.