FSA Regrets Banking Fiasco
Published / Last Updated on 03/09/2008
FSA Regrets Banking Fiasco
Chief executive at the FSA, Hector Sants, has admitted again that the watchdog regrets the handling of the Northern Rock fiasco. Speaking at the regulator’s annual public meeting he said, “The standard of supervision of Northern Rock prior to the summer of 2007 was unacceptable to the FSA and we regret what happened”.
Mr Sants also pointed out that it would complete its Supervisory Enhancement Programme by the end of the year. He also warned that as a number of new programmes take shape, the FSA would have to increase its budget for next year in order not to repeat past mistakes. The programme includes a commitment to have a minimum supervisory resource for all high-impact firms. This will ensure the necessary focus and continuity with these key initiatives.
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