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Five from Rock regulatory team have quit at FSA

Five FSA officials have quit from the team of seven people who had the job of directly supervising Northern Rock.

The regulator has confirmed that the staff have left, although it is understood they were not fired and the FSA says none of the staff has been paid any compensation.

The FSA will this month be publishing an internal report by its internal auditor Rosemary Hilary into its handling of the Northern Rock crisis.

It has already come under attack from the Treasury select committee for its role in the Rock debacle. The committee’s report claimed thaT the FSA had “systematically failed” in its duty as a regulator to ensure Northern Rock would not pose such a systemic risk.

The Mortgage Practitioner sole practitioner Danny Lovey says: “The FSA was very inept at the whole thing. They were put in charge of things they clearly did not know anything about.

“The FSA should never have had the charge of monitoring the banks. This should have been kept with the Bank of England. I think these staff members could be the scapegoats but the FSA is the responsible organisation.”

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