Why is Northern Rock the FSA's fault
I am mystified by today's media consensus that it is the Financial Services Authority that is to blame for the debacle at Northern Rock. This Times leader is a good example: The Financial Services Authority gets full marks for frankness, but nothing else. The regulator of the banking industry is there to safeguard the interests of customers and the integrity of the financial system. For all its boast of light-touch regulation in principle, the FSA appears to have taken a lackadaisical approach in practice. The findings of its internal inquiry into the demise of Northern Rock could not be any ...