UK's Financial Services Authority Statement: Financial Services Authority Makes Initial Response To The Treasury Committee Report

The Financial Services Authority (FSA) has made the following statement in response to the report of the Treasury Committee of the House of Commons entitled "The Run on the Rock".

"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 Authorities' wider consideration of reform, which is currently underway."