Moore Stephens has warned brokers and other intermediaries to ensure that their systems and controls covering the treatment of client money meet the regulatory requirements laid down by the FSA.

Moore Stephens partner Simon Gallagher said: "Intermediaries could soon face visits from the regulators during which they will be asked to provide documentary evidence that they have complied with the FSA's requirements. And they will need to be sure that they are fully acquainted with exactly how they account for money paid to them by their clients, or else face the consequences."

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