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FSA forms internal Northern Rock team

The FSA has formed a team of nine internal staff to implement its recommendations for Northern Rock, following the regulator’s investigations last month.

The team, lead by head of supervision for small mortgage firms and credit unions Mandy Spink, will have a month to develop detailed plans for the bank and a year to implement them.

During the twelve-month period all nine will be relieved of their normal duties.

The regulator has confirmed reports that internal moral dropped after responsibility for Northern Rock was placed on the retail division, but says it is working to improve the situation.

An FSA spokeswoman says: “Hector Sants is conducting floor-by-floor briefings, which are going down well with our staff.”

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