Consumer panel responds to Northern Rock 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

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