The prospect of FSA regulation is distracting, but the failure of one broker to keep up with events beggars belief.

Backchat was told that a broker recently rang up to inquire about the payment of a claim. Not unusual, you may think, save for the fact that the claim was against an Independent Insurance policy.

The fact that the insurer had gone into provisional liquidation nearly three years ago in a blaze of national publicity seemed to have passed the broker by.