FSA criticised over equitable collapse - papers 18 Oct

The Times writes that the Financial Services Authority (FSA) has been severely criticised in an internal report into the way the City watchdog dealt with the collapse of Equitable Life. The 268-page report said FSA departments failed to communicate with each other and made decisions based on poor information and research. The report, written by Ronnie Baird, FSA director of internal audit, with the aid of PricewaterhouseCoopers and Norton Rose, the law firm, said that while Equitable's problems were created before the FSA took responsibility for regulating the company, this did not abso...