Watchdog's Failings Let Bank Slide Into Crisis ; Rock Report Finance Regulators Admit Supervision Was at Fault As Catastrophe Overtook Newcastle-Based Bank
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Summary
THE crisis that engulfed Northern Rock was compounded by unacceptable failings by the country's financial industry regulator, it yesterday admitted.
Hector Sants, chief executive of the Financial Services Authority (FSA), said the standard of supervision of Northern Rock was not carried out to an "acceptable" standard before it ran into trouble last year.See the full content of this document
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Watchdog's Failings Let Bank Slide Into Crisis ; Rock Report Finance Regulators Admit Supervision Was at Fault As Catastrophe Overtook Newcastle-Based Bank
In a heavily anticipated report, the blundering watchdog admitted there were three different heads of department with responsibility for the Newcastle-based lender ove...
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