Personally I have a dislike of 'name and address withheld' correspondence (Letters, 5 May) but I guess that we have to excuse the "MD of a commercial only broker" as clearly, had he identified himself, he would probably have lost what he agrees is an excellent quote.

To be serious, I am confident that the scenario illustrated is being repeated at all levels in our industry and have no doubt that the 'good guys' are losing out by playing the game properly - or attempting to.

My view is that your correspondent should send full details to the FSA, but I know that this view isn't shared by all.

The tentacles of the regulator have just reached a local jeweller friend of mine. Apparently he has been informed by his trade body that he can no longer act for his customers in negotiating settlements with their insurers for lost or damaged items that he has previously supplied.

This is something he has been doing for years, although he does comment that nowadays he tends to deal with inexperienced people who are interested only in the amount of discount he will give, paying no attention to the real/nett cost or quality of replacement.

Still, they are regulated so everything will be OK.

Michael King

Goss & Co Insurance Brokers