Regulators tread a fine line between the Keystone Cops – galumphing hopelessly after escaping criminals – and Captain Renault in Casablanca. The Financial Services Authority has put paid to the first criticism by warning intermediaries and subprime mortgage lenders before poor practice turns to malpractice. But given the subprime scandal unfolding in the US, the regulator can’t really be “shocked, shocked” to have uncovered market weaknesses.

The FSA will not be drawn into making the transatlantic parallel itself – and for good reason. The two markets are pretty different. The ratio of the subprime loan to the property’s value is rarely as high in the UK as in the US, for instance. British house prices also continue to climb, which means, at least for now, that stretched borrowers can refinance to escape their predicament. The existence of a more vigilant regulator is also a reassuring plus-point in the UK.