A funny thing happened on the way to the FSA recently.

A number of Groupama UK's senior management were seen in the Canary Wharf office, which sparked various calls around the industry, claiming the company was under investigation.

However, Groupama UK's corporate strategy and support director, Paul Picknett, explained the trip was not a ticking-off. Instead, the meeting was arranged to discuss a more serious matter - that of the company's imminent sale.

"I was with the FSA - basically, we have had a couple of meetings about the portfolio transfer to facilitate our sale process.

"We also discussed the compliance issues surrounding N2."