Heaven help the industry if it ever gets regulated by the FSA – that's Backchat's view.

He received notice of a new appointment at Inter-Alliance and phoned the company to find out exactly what business the company was in.

Were they a broker or just an IFA, he asked. The receptionist very quickly informed Backchat that the person authorised to answer that question was out. Could no one else within Inter-Alliance explain what they did? No, came the response. Sounds a little over-strict to Backchat.