Canadian regulators aren’t the only ones that have trouble collecting from fraudsters, British regulators say they have secured a significant judgment against land banking scams, but that victims are unlikely to see any of their money back.

The UK’s Financial Services Authority said today that it has won “an important victory in the battle against unauthorized businesses” after the High Court declared that a couple of land banking schemes were unlawful, and the perpetrators were ordered to pay £32 million.

However, the FSA also says that it has not yet identified any assets that would enable “more than a small proportion of these payments to be made”, and said it therefore unclear how much will ultimately be returned to investors. And, as the business wasn’t authorized, investors can’t apply to the industry compensation fund to get their money back. Nevertheless, it says it’s still trying to trace the funds paid by investors.

“We have to be realistic about the low probability of securing meaningful compensation for victims of these scams, but this is still an important victory. Proving that a land bank is operating a collective investment scheme — and should therefore be FSA authorised — is very complicated, so every success puts us in a stronger position to tackle other schemes,” said Tracy McDermott, acting director of enforcement and financial crime at the FSA.