I've the next two 301 redirects during my .htaccess file. The very first redirect /faq.php works fine however the second one just will get a 404 error. Can anybody suggest why this might be happening?

Options +FollowSymLinks
RewriteEngine on

redirect 301 /faq.php   http://www.mysite.com/faqs
redirect 301 /reports/index.php?regionid=14 http://www.mysite.com/forecasts/bay-view

Because the Apache documentation will explain, mod_alias and Redirect don't support query strings. You will need to make use of a RewriteRule:

RewriteCond %{QUERY_STRING} (^|&)regionid=14(&|$)
RewriteRule /reports/index.php http://www.mysite.com/forecasts/bay-view? [R=301]