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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.”


Death of UK’s longest-serving fund manager Nils Taube

Veteran fund manager Nils Taube has died at the age of 79 following a stroke.Taube was the longest-serving fund manager in the UK, having run retail and institutional funds since 1969 when he took over the St James’s Place greater European progressive trust.He was born in Estonia in 1928. Taube moved to the UK in […]

Adviser Fund Index – Positive note for trusts

Investment trusts suffered towards the end of last year, as investors sold across a range of asset classes. According to Wins Investment Trusts’ monthly report for December 2007, equity-focused funds were trading on an average discount to net asset value of over 10 per cent. British smaller company funds were hit even harder, with discounts […]

Still hanging on the phone

I was very interested in the article ‘Back-book causes backlog at ‘overloaded’ Windsor’ (14 February), as I have experienced the problem first-hand. Our client is transferring the proceeds of a pension plan to Norwich Union so that he can crystallise his benefits. The relevant papers were received by Windsor Life on 4 January 2008. The […]


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