FSA admits failings

Frank admission of failings from UK regulator

The UK Financial Services Authority’s frank admittance of a number of failings related to the Northern Rock crisis came as a breath of fresh air to an industry used to regulators and central banks apportioning blame elsewhere. But the FSA, under constant grilling from the Treasury Select Committee since the run on the British bank during September last year, really had no place to hide. The authority said that its failure to monitor the situation was totally unacceptable, and has introduced