Last week at the Cila AGM, the FSA's Shaun Mundy was grilled by the loss adjusting fraternity, but batted away difficult questions with aplomb. He even made a few quips.

Outgoing president George Moss had said in his morning speech that Cila members were keen to be regulated directly.

In response, Mundy's opening gambit to his presentation was: "You say you want to be regulated directly - well wait until you see what I have to say and maybe you'll change your mind."

A lot of feverish scribbling between delegates ensued, as they passed questions among themselves. A feeding frenzy was about to begin. But Mundy was aware of this and played to the gallery.

After explaining the FSA's position, he then had to admit that the real decision on whether claims administration would ever come under the statutory remit was with the Treasury.

"That is the $64,000 question,"he said. "Though as I'm speaking to loss adjusters, it will probably end up as the $25,000 question,"he added.

Backchat was impressed for a Friday afternoon.