FSA to self regulate after Rock failings

It comes in the wake of the Northern Rock crisis, in which the FSA admits making four key failings. The regulator says it lacked “sufficient supervisory engagement” with Northern Rock, while failing to rigorously follow up with management following changing market conditions. It also says FSA line management failed to provide adequate oversight on the firm's supervision, while admitted it lacked specific resources directly supervising Rock and the intensity needed to ensure all available risk information was “properly utilised”. The FSA board says even if it had provided an “acceptabl...