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Context of 'January 26, 2008: British Lawmakers Criticize Financial Watchdog over ‘Systematic Failure of Duty’'

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Mervyn King, governor of the Bank of England, is first alerted to the problems at the troubled British mortgage giant Northern Rock. [Daily Telegraph, 2/26/2008] In a phone call with officials at the Financial Services Authority (FSA) and the Treasury, he is told about the potential impact of the global credit crunch on Northern Rock’s business. [BBC, 8/5/2008]

Entity Tags: Her Majesty’s Treasury, Financial Services Authority, Mervyn King, Northern Rock plc, Bank of England

Timeline Tags: Global Economic Crises

The chief executive of the British Financial Services Authority, Hector Sants, tells a hearing of the Treasury Select Committee that the regulator did not expect distressed bank Northern Rock to run into trouble. He tells MPs, “In terms of the probability of this organization getting into difficulty, we had it as a low probability.” He also admits that there are “lessons to be learned” from the failed regulation of Northern Rock. [BBC, 8/5/2008]

Entity Tags: Hector Sants, Financial Services Authority

Timeline Tags: Global Economic Crises

The House of Commons’ Treasury Select Committee says that Britain’s Financial Services Authority (FSA) was guilty of a “systematic failure of duty” over the crisis at stricken mortgage giant Northern Rock. MPs say the financial watchdog should have spotted the bank’s “reckless” business plan. In addition, they call for the Bank of England to appoint a head of financial stability. The FSA says it has already admitted failings in relation to Northern Rock and insists it is “addressing” them. [BBC, 8/5/2008]

Entity Tags: Financial Services Authority, Treasury Select Committee, Northern Rock plc

Timeline Tags: Global Economic Crises

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