Say what you like about the US Department of Justice and the Federal Bureau of Investigation, they don’t muck around with their codenames. Their “Operation Malicious Mortgage” does exactly what it says on the tin: 144 mortgage fraud cases and charges against 406 defendants, including 60 arrests in a single day.

The Financial Services Authority is taking similar, though so far less spectacular action. On Monday, it banned a mortgage broker, Sadia Nasir, and fined her £129,000 for involvement in “numerous fraudulent mortgage applications”. As a result of information gathered by the clunkily named “mortgages quality of advice process” project, another broker, Robin Knox, on Wednesday received a ban and fine. Mr Knox was not engaged in fraudulent activity but, according to the FSA, failed to put in place proper systems and controls, exposing 500 customers “to the risk of receiving unsuitable advice”.