FSA statement: FSA makes initial response to TSC report
26 January 2008
The Financial Services Authority (FSA) has made the following statement in response to the report of the Treasury Committee of the House of Commons entitled "The Run on the Rock".
"As we have already acknowledged publicly, there were clearly supervisory failings in relation to Northern Rock and we are already addressing these. We will also examine carefully any further lessons that emerge from our internal review of the supervision of Northern Rock. We will be publishing the conclusions of that review in March.
"We intend to study carefully the Committee's report and will respond more fully in due course. The report will inform our input into the Tripartite Authorities' wider consideration of reform, which is currently underway."
Notes to editors
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.