A 400-page tome of regulator-speak

Ping! A curious email arrives in Backchat’s inbox. Subject: “New 400-page FSA consultation paper.”

“You might be interested to see the front cover (right) of the latest missive from Canary Wharf,” writes the author, who requested anonymity to avoid his own personal Arrow visit.

He adds: “The other 399 pages were all in the same language which I believe is more commonly associated with the Planet Zog.”

Opening the attachment reveals the (presumably joke) front cover of a consultation paper with jumbled letters where the words should be.

It makes no sense. But then to some brokers, neither do the real FSA consultation papers.