FSA blamed for allowing Kaupthing/Singer deal

Speaking at a Treasury Select Committee inquiry into the banking crisis including the collapse of Kaupthing Singer and Friedlander, Tony Shearer, who ran S&F until November 2005, claims the FSA rushed though its approval of the takeover despite the board's concerns. At the time of the deal, Shearer had described the Kaupthing's management as 'not fit and proper to control a UK bank'. He believed Kaupthing's core business 'received little attention' and its trust business had 'serious problems' and was 'a bad quality business.' Shearer said his sole responsibility was to make money for s...