Does the field wire connect to the alt through a plug/socket? If so, inspect the wire/pin joints of all the wires. If they connect at the other end to the regulator through plugs/sockets, check there as well. (This would be more likely to drive the voltage *down*, but it's an easy check; a 1st principle of troubleshooting: check the easy stuff first.) :-)
Also make sure that you have the same voltage on the regulator's sense terminal as the voltage on the alternator's B lead. If you have a high resistance anywhere between the bus and the regulator's sense terminal, the regulator will think the alternator output is low and ramp up the field current. Suspects: wire/terminal interfaces, terminal interfaces, circuit breaker contacts, switch contacts...
It's hard to be much more specific, without more specific info on your devices & wiring. (Generic Ford regulator, B&C regulator, something else? Regulator powered by a wire independent of the sense terminal, or the power terminal and sense terminal fed by the same wire? etc etc)
Charlie
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