UK chancellor blames Rock run on regulator

Alistair Darling, the British chancellor of the exchequer, admitted on Tuesday that the Financial Services Authority (FSA) was culpable in the run on Northern Rock, but said he still planned to grant the banking regulator more power.

Speaking to the BBC, Darling said: "In relation to the FSA, yes it is the case, as their chairman [Callum McCarthy] has acknowledged, that they should have been more alert to the problem that Northern Rock was building for itself and that its entire business depe