There are hundreds of FSA visits being carried out, supposedly, all over the country. So is it surprising when the regulator gets confused about the nature of the business it is meeting with?

Backchat chuckled when it heard that one inspector had lunch with accountancy firm Mazars expecting to talk to a pack of lawyers.

The in-house dining was superb, the red wine flowed freely, but the conversation stumbled when the hosts were questioned on their thoughts on the latest legal battle.

Note to FSA: when accepting invites to lunch, you will be expected to know who you are talking to.