FSA “failed” Northern Rock, Treasury Committee says

The Treasury Select Committee inquiry into the run on Northern Rock last summer has criticised the Financial Services Authority (FSA) for “failing” in its regulatory duty to the bank. On publishing its report “The run on the rock”, the committee blamed Northern Rock’s directors as the “principal authors” of the bank’s problems, which it said were exacerbated by a “reckless business strategy”, but said that the regulatory regime had to take some responsibility.