BusinessBusiness RecoveryFSA to consider Rock lessons

FSA to consider Rock lessons

The FSA are compiling an internal report on key failings in their assessment of Northern Rock.

The Financial Services Authority is conducting an internal report into the
lessons that should be learned following its former assessments of Northern
Rock.

The FSA admitted mistakes were made on its behalf, among them were that full
reviews only took place once every three years with chief executive of the FSA,
Hector Sants, saying this is way too long.

Sants commissioned Rosemary Hilary, the director of internal audit to conduct
the review between the the dates of January 2005 and August 2007.

Bob Bennett the former finance director at Northern Rock has said that the
management was partially to blame for its fate.

Hilary will present the report to the FSA board on Thursday with comparisons
from other ‘high-impact firms’.

The FSA is to regulate the Newcastle based lender even though it has now been
nationalised.

Further Reading

FSA
slammed in Rock report

Northern
Rock failure cast its shadow over entire audit system

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