Regulator admits culpability for Rock run

The Financial Services Authority (FSA), Britain's financial supervisor, has said it failed to adequately regulate Northern Rock, the now state-owned UK mortgage lender.

The FSA, whose supervision of Northern Rock an influential parliamentary group has already condemned, said on Wednesday 26 March that inadequate resources and a lack of sufficient engagement, adequate oversight and intensity in ensuring that all available risk information was properly utilised to inform its supervisory actions

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