Top lawyer slams FSA for Rock failure

The Financial Services Authority (FSA), the UK's industry regulator, was shockingly lax and inept in its regulation of Northern Rock, a leading regulatory lawyer has said.

"Britain's celebrated light-touch regulation, credited with contributing to London's success as a financial honey-pot, was virtually no touch at all for Northern Rock," Simon Morris, a partner at CMS Cameron McKenna, an international law firm, writes in the latest issue of the Financial Regulator, a journal.

"It didn't requ