Bets firm faces probe

POLICE are expected to be asked by Britain's Financial Services Authority to investigate alleged financial irregularities at Irish- headquartered company WorldSpreads, according to reports.

The financial spread-betting company entered administration over the weekend with a probe into the suspected misuse of client funds. Most of the staff were told that they would not get any redundancy payments.

In a statement yesterday, the former WorldSpreads' chief executive, Conor Foley, said his decision to step down was unconnected with the irregularities.