House of Commons Treasury committee vice-chairman Michael Fallon has repeated concern about PriceWaterhouseCoopers auditing of Northern Rock.

As MPs debated the all party group's report into banking reform following the nationalisation of the Newcastle-based bank, the former Tory minister and opposition Treasury spokesman said that many people had failed during the fiasco.

Speaking in a Commons debate on Monday afternoon, he said senior management at the company, non-executive directors, the Financial Services Authority, the tripartite committee and chancellor Alistair Darling all had to take part of the blame.

But Mr Fallon added:'We also looked hard at the role of the auditors. I do not understand how auditors can give a full, fair and firm opinion but exclude any treatment of the off-balance-sheet vehicles.

'I find it troubling that Northern Rock’s auditor earned nearly three times as much in non-audit fees—in consultancy fees—for arranging the securitisation of Northern Rock’s off-balance-sheet vehicles, as it did for the audit, which of course excluded them. I find that troubling.'

His comments in the House of Commons followed an Early Day Motion put down by left-wing London MP Diane Abbott and signed by 30 other MPs expressing concern about PWC's role in the Northern Rock collapse.