FSA probes hit record high

FINANCIAL services firms are being forced to investigate a record number of Financial Services Authority probes, according to a report from the regulator yesterday.

The FSA ordered 140 firms to undergo investigations called “skilled persons reports” in the past year to shed light on potential problems with internal processes. The number of reports, conducted by auditors and paid for by the company, was 60 per cent higher than in 2009.

Finance firms said the industry was concerned the reports “outsourced” regulation and were unfair.