← Banks to inject billions into economy | News For March 2008 | Rate cut pressure for Brown as working group emerges →
Officials involved in the NR saga quit
The Freedom of Information Act has allowed The Times newspaper access to information regarding the key staff involved at the FSA during the Northern Rock crisis. It shows that most of the seven key officials have left the FSA, none have been dismissed as they have not been paid compensation for loss of office.
Part of the business of the FSA is to ensure that UK banks are in a strong financial position and this inlcudes sufficient liquidity to continue trading. The FSA, therefore, came under a barrage of critisim when it was revealed that it failed to spot the fatal flaw in Northern Rock's business model as it relied heavily on wholesale money markets for its funding, a disaster when the credit crunch took hold and money was no longer available to buy. The situation led to the first run on a British bank in a hundred years.
The report will not reveal all aspects of the FSA's dealings as it will still need to protect its employees legal rights. The turnover of staff at the FSA is reported to be one of the reasons why the Northern Rock's precarious financial position was not picked up earlier
← Banks to inject billions into economy | News For March 2008 | Rate cut pressure for Brown as working group emerges →
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
This site is intended for UK residents only. The overall cost for mortgages for comparison is % APR.
The actual rate will depend on your circumstances. APR variable and based on a usual case.
Grovelawn Financial is a trading name of Grovelawn Limited, which is authorised and regulated by the Financial Services Authority.
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Entered on the Financial Services Authority's Register — Register Number: 314204 — Consumer Credit Licence Number: 573287
The Financial Services Authority (FSA) do not regulate some types of buy to let, commercial, overseas mortgages, tax advice and credit or loans not secured on property.