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26 January 2008

Financial Services Authority (FSA) guilty of "systematic failure of duty"

The House of Commons Treasury select committee has reported on its inquiry into the downfall of Northern Rock and it has concluded that everyone involves should take some of the blame. However, its biggest criticism is of the FSA "It was a failure of the regulator not to see systemic risk".

This is the same FSA that has bent over backwards to protect Britain's High Street banks from the claims being made against them by their customers over unlawful bank charges.

See BBC website at: Select committee report

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Published and promoted by Bob Egerton, TR2 4RS