UK regulator held responsible for bank run

The Financial Services Authority (FSA), the British regulator, failed in its duty to properly supervise Northern Rock, the beleaguered mortgage lender, an eagerly awaited report by lawmakers finds.

The report on the run on Northern Rock by the Treasury Select Committee, which over the last four months has met with senior representatives from the Bank of England, the FSA, the Treasury, along with high-profile figures from academia and the City, found that the FSA did not do not do enough to en