Consumer panel responds to Northern Rock review
The Financial Services Consumer Panel said it welcomed the Financial Services Authority's (FSA) Internal Review of Northern Rock, but was disappointed that there had not been more independent input to the review.
The panel congratulated the FSA for acknowledging its shortcomings, but argued that independent auditors could have provided a valuable wider perspective.
Panel chairman John Howard commented: "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
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