The FSA's internal audit review of its supervision of Northern Rock, and the FSA management response
In October 2007 the Chief Executive of the FSA asked the FSA's director of internal audit to carry out a lessons learned review of the supervision of Northern Rock plc during the period 1 January 2005 to 9 August 2007. That review is now complete.
Today, 26 March 2008, we are publishing:
- a press release highlighting the recommendations in the report and the response of the FSA management
- an Executive Summary of the internal audit report
- the 'Recommendations and Actions' section of the internal audit report
- the Terms of Reference of the internal audit review
- the response of the FSA management to the internal audit report - the supervisory enhancement programme.
Update
Today, 28 April 2008, we are publishing a full version of the internal audit report, with redactions to protect commercial and individual confidentiality.