FSA admits to failings in Northern Rock crisis

The FSA has admitted failing to adequately regulate Northern Rock and said it would be overhauling i...

The FSA has admitted failing to adequately regulate Northern Rock and said it would be overhauling its procedures following the crisis. The agency said there had been "a lack of adequate oversight and review" of the bank and too few regulators were assigned to monitor Northern Rock. Hector Sants, FSA chief executive, said that it was "clear that our supervision of Northern Rock in the period leading up to the market instability of late last summer was not carried out to a standard that is acceptable". "I am determined through the programme of work that I am announcing today, that prop...