When is an arrow visit not an arrow visit? When it's a training session.

Apparently, the FSA's lightning investigations of large brokers and managing agents were not always for the stated purpose of assessing their compliance standing, but to train the FSA staff. The regulator was hoping that the compliance departments at the likes of Marsh and Willis would help to explain the nuances of the rules to the FSA investigators. Well there's nothing like on the job training.