In striving to create an inclusive feel in his offices, Hiscox chairman Robert Hiscox some time ago adopted a policy that did not require brokers visiting the insurer to sign in.

But it seems that the innocent rebellion has landed the insurer in trouble with the FSA. It has told Hiscox that the absence of a measure to monitor who is in the building at any given time is an indication that the company is "poorly managed".

It seems Hiscox isn't the FSA's biggest fan either. "Regulation is the biggest threat to my business today," Hiscox fumed. "It is strangling the industry."