The FRRP's report into its 'pro-activity' (could there be a report more deserving of the 'Look at us, we're doing something' tag?) contains one memorable line.

'The introduction of pro-activity brought the Panel into contact, for the first time, with some of the largest companies in the United Kingdom,' it says.

For the first time? The accounting watchdog has been around for a few years now (1990, to be precise) and it has just made contact with some of the biggest companies? The admission would be laughable if it weren't so worrying.