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FSA admits mistakes in Northern Rock crisis
0 Comments | AFP, March, 2008
LONDON (AFP) — The Financial Services Authority, Britain's financial watchdog, on Wednesday admitted to mistakes it made in supervising Northern Rock, the stricken bank that became a victim of the credit crunch.
The FSA said in a statement that it had been guilty of insufficient "supervisory engagement" with Northern Rock.
It also stressed that its supervisory team had failed "to follow up rigorously with the management of the firm on the business model vulnerability arising from changing market conditions."
© 2008 AFP
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