Northern Rock: FSA Admits Huge Staff Problems Over Bank

[Legal Beagles]

Five of the seven-strong team of watchdog officials in charge of directly supervising Northern Rock have quit, the Financial Services Authority has confirmed.

More...

[Amethyst]

Re: Northern Rock: FSA Admits Huge Staff Problems Over Bank

FSA Admits Staff Problems Over Bank

Updated:11:30, Monday March 10, 2008
Five of the seven-strong team of watchdog officials in charge of directly supervising Northern Rock have quit, the Financial Services Authority has confirmed.


The FSA refused to comment on when the officials left, but it is thought that some quit before the bank's crisis hit.
None of the staff - who came under the remit of the FSA's retail division where Clive Briault still remains in charge - had been paid compensation for loss of office, the FSA said.
The five had been working closely on the bank in the 19 months before it went into crisis mode last August because of the credit crunch.
The paper's report suggested high staff turnover might also have been a factor in the supervisory failings.
Northern Rock's supervision came under the remit of the FSA's retail division, headed by Clive Briault, who remains at the regulator.