A cautionary tale for those who think the FSA is a light touch. When the Stockline Plastics factory in Glasgow exploded in May, it wasted no time hunting down the insurer on risk.

In fact, Chris Hanks, commercial lines general manager of the unfortunate insurer, Allianz Cornhill, said the FSA was on the phone within hours, asking questions about its solvency, reserving and ability to pay any claims arising. Shame the FSA isn't so efficient in processing broker applications.