When the FSA comes a-calling, the palms start getting a bit clammy and the heart may start pounding, but it's not necessarily bad news.
One broker felt a bit faint when he got a call to say the FSA was in reception. But it turned out not to be one of the infamous ‘arrow visits'. The regulators simply had a few questions that needed clarification, and seeing as they were in the area, thought they would pop in.
Questions that perhaps could have been asked over the phone? Or perhaps they got a kick out of seeing the managing director's face turn white, wonders Backchat.