So-called tough action from the Financial Services Authority on sellers of Lehman-backed structured products begs the question: have these guys ever seen a Quentin Tarantino movie?

The story so far: after a period of analytical mulling, FSA regulators trotted around the country, going through paperwork at hundreds of intermediaries and several plan managers. They have sought to establish where products were mis-sold, either through poor advice or misleading literature. In the past week, the action quotient has ramped up with three plan managers, scared by the size of potential investor claims against them, going into administration. This leaves the path clear for investors who bought their products to go direct to the industry compensation pot. Since the protagonists have in effect bowed out, this is redress with none of the sticky bits.