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MPs say FSA failed in supervisory role on Dunfermline

The Scottish Affairs Committee says the FSA failed in its supervisory role in the run-up to the collapse of Dunfermline Building Society.

In a report released today, the Committee found that the FSA failed to give clear warnings on the risks of commercial lending but that ultimate responsibility for its failure lay with Dunfermline.

The report said: “One of the primary concerns for any building society must be effective and transparent communication with its members.

“This clearly was not the case at Dunfermline Building Society and the anxiety and stress visited upon members as a result of misguided decision-making at board level and what was, at best, miscommunication in its annual report is of serious concern.

“It is also apparent that the FSA failed in its duty adequately to warn Dunfermline of the dangerous path it was taking.”

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  1. Julian Stevens 30th July 2009 at 4:28 pm

    MPs say FSA failed in supervisory role on Dunfermline
    FSA failed, FSA failed, FSA failed, FSA failed, FSA failed………………and on and on ad infinitum. The litany of reports of the FSA failing are never ending. But, says Lord Turner, give us an even bigger budget and we’ll try to do better in the future with more people, bigger salaries, bigger bonuses, bigger expense accounts, bigger pictures on the walls, bigger commissions to outside consultancies, bigger hindsight reviews, bigger fines, bigger powers, bigger golden parachutes for those who fail ~ just give us bigger everything and we really will this time start doing what we’ve been mainifestly failing to do for the past 20 years. Yeah, yeah, like who believes a word of it any more?

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