FSA chief admits failings over Northern Rock

Hector Sants, the chief executive of the Financial Services Authority (FSA) said on Tuesday that it had failed to anticipate the impact of the credit crunch on Northern Rock, a UK mortgage lender.

Northern Rock was forced to ask the Bank of England for help after liquidity shortages led to funding problems. Disclosure of this assistance, in turn, caused a run on a bank for the first time in the UK since the 1860s.

Speaking to the Treasury Committee which grilled Mervyn King last month, Sants

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