Most would agree the FSA and Biba have done a pretty good job of making sure that brokers know that regulation will be compulsory come 2005.

But, it seems, the message has been scrambled in some cases. TBS chief executive Mike Williams said that he entered into talks with a mid-sized broker.

The broker wasn't too interested in TBS's compliance service. Williams wondered why?

Well, said the broker, "I shall not be joining the FSA come 2005, I'll stick with GISC." With GISC due to pass the regulation baton to FSA in 2005, it seems that you can't get the message across too often.