FSA moves to enhance supervision in wake of Northern Rock
The Financial Services Authority (FSA) has published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The review has identified a number of areas for improvement in the execution of supervision, which will be advanced urgently by the FSA's management, via a dedicated supervisory enhancement programme. This programme will also include a number of improvements already in train.
The Board of the FSA, having considered the internal audit report and the programme of work set out by the management in response, confirmed its support for the FSA's fundamental philosophy of outcomes-focused, more principles-based regulation. It reiterated that the boards and managements of regulated firms carry the primary responsibility for ensuring their institutions' financial soundness.
The Board also noted that, even if supervision had been carried out at a level acceptable to the FSA
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