If biting the hand that feeds is irrational, then biting the hand that can hit back must rate as insanity.

Business Insider mused on this when coming across an advance copy of Waterstone Insolvency's newsletter, Waterline.

The latest periodical from the Auckland liquidators contains a mock interview with Financial Markets Authority boss "Bob Everest" - a not very thinly veiled reference to the regulator's chief executive, Rob Everett.

The unbylined parody castigates the FMA for its registration of financial advisers, an area where the firm has previously criticised the market watchdog.

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Although Business Insider doesn't share the writer's severe views, nor agree that the FMA registers "a lot of conmen", he can understand why someone could have criticisms.

The FMA has taken a mere handful of advisers to the Financial Advisers Disciplinary Committee since it heard its first case in August 2013.

In fact, it has been almost two years since an adviser appeared before that disciplinary body, which deals with complaints about breaches of the code of professional conduct.

But Business Insider can't help but wonder whether Waterline could do Waterstone more harm than good by taking such an extreme stance.

And given the powers the market watchdog has at its disposal, Business Insider would think it's better not to pick fights with its chief executive.

Courtney Barnett was scheduled to play at the Echo Festival. Photo / Getty Images
Courtney Barnett was scheduled to play at the Echo Festival. Photo / Getty Images