Backchat was delighted to learn that outgoing FSA chief executive Howard Davies is an avid reader of Insurance Times.

Speaking at the Wincott awards for financial journalism last week, Sir Howard said the FSA always watches award winners, especially since Independent Insurance won Insurance Times' insurer of the year five times in the 1990s. Ouch.

Maybe Sir Howard would have thought twice if he had realised that it is in fact brokers who vote for that award. And so rather than having a dig at a humble business magazine, he was picking a fight with thousands of brokers. The same brokers the FSA is so anxious to keep in the consultancy process.