FSA admits to supervisory failings

"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 Authoritie

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