UK’s FSA admits flaws in supervisory approach

FSA Canary Wharf

In a report published on Monday by the Financial Services Authority (FSA), the supervisory body accepted there were flaws in its supervisory approach that meant it provided an "insufficient challenge" to the Royal Bank of Scotland (RBS).

The report into the failure of RBS said the crisis ultimately resulted from "poor decisions made by the RBS management and board". However, deficiencies in the global capital regime and liquidity regulations made the crisis "much more likely". And in addition

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