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FSCP disappointed over lack of independent input into FSA review

The Financial Services Consumer Panel says it is disappointed that there had not been more independent input into the FSA’s internal review of Northern Rock.

The FSCP says that the FSA should be congratulated for acknowledging its shortcomings but that independent auditors could have provided a wider perspective.

Panel Chairman John Howard says: “The FSA concludes that even if supervision had been acceptable it was by no means the case that that would have changed the outcome.

“This suggests to me that the events surrounding the failure of Northern Rock, including the sudden collapse in credit markets, were testing the limits of regulation anyway. No regulator can guarantee to prevent all failures. In those circumstances, a realistic compensation scheme which pays out quickly is vital to prevent another bank run.”

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