FSA admits “lessons to be learnt” in Treasury committee grilling

The Financial Services Authority (FSA), under an intense grilling from the notorious Treasury Select Committee, said supervisory checks on Northern Rock were “inadequate”. Faced with questions about the gap between full risk assessments, Hector Sants, chief executive of the FSA, said: “I think there are lessons to be learnt here with regard to our supervisory practice and I think we do need to look back over our engagement with this particular company and do a lessons-learned exercise, particularly with regard to particular areas”.