Julian Knight BBC News Online personal finance reporter

Chris Fishwick, the former manager at the centre of the split capital investment trust scandal, is to face tough questioning from the House of Commons Treasury Select Committee on Tuesday.

The committee investigating the latest crisis to hit the City will take evidence from Mr Fishwick, who resigned as a director of Aberdeen Asset Management in September.

Sustained falls in the stock market have led to 19 trusts either suspending their shares, or going into receivership or insolvency, leaving investors with nothing.

The splits scandal could end up costing private investors an estimated £3bn.

Up to 50,000 people may have lost money in split capital investments, which were often marketed as "low risk".

The investments were seen as an ideal way to save for school fees or retirement.

Investigation

The City watchdog the Financial Services Authority (FSA) launched an investigation in May, stressing that only a minority of firms were involved in the scandal, and that the sector as a whole did not pose particular risks or problems.

Under the spotlight are a 'magic circle' of split cap managers, who have been accused of using investor money to prop up the share price of ailing funds.

Mr Fishwick, who was responsible for Aberdeen's 19 split capital funds - 3 of which have now collapsed - is likely to be quizzed over the activities of the 'magic circle'.

City insiders have been very critical of Aberdeen's investment strategy.

Representatives of other fund management firms appeared in front of the committee in July but Mr Fishwick did not attend.

Reneging

On Monday, the fund management firm had to deny reports that it was reneging on an agreement to refund investors in it progressive growth fund which had lost nearly all of its value after disastrous investment in splits.

The MPs are also expected to question Daniel Godfrey, head of split caps industry body the Association of Investment Trusts.