Lessons of Northern Rock

FSA criticised...

As the political fallout from the Northern Rock debacle continued the Financial Services Authority (FSA), the British regulator, was the target of withering criticism.

An eagerly awaited report, published on 24 January, by the Treasury Select Committee, a parliamentary oversight committee, found that the FSA did not do enough to ensure that Northern Rock would not pose a systemic risk to the United Kingdom economy. "[The FSA] did not allocate sufficient resources or time to mon