Starting to feel the heat

The Financial Services Authority (FSA) has identified signs of widespread accounting irregularities by authorised firms in the handling of client monies, and has begun a wider review of the problem.

During the first half of this year, the FSA's Wholesale Business Unit uncovered a catalogue of errors from a sample review of 30 or so intermediary firms. It found "significant issues", including: deficits in client money accounts; problems with calculations such as failure to identify third party

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