FSA sets up team to fix NR failings

The Financial Services Authority has appointed a nine-strong team to implement the recommendations made by a damning report into the Northern Rock crisis.

The internal report revealed several failings in the regulator’s dealings with NR including a failure to adequately monitor the lender.

The team will be headed by Mandy Spink, head of supervision for small firms at the FSA, and will have one month to outline a detailed plan for implementing the proposals and one year to carry it out. All team members come from within the regulator.

The report’s recommendations include improving internal communications and increasing the size of the FSA’s workforce.

As a result the regulator is expected to hire 100 supervisors while improving the training of existing staff.