Breaking News: City watchdog admit failings over Northern Rock crisis

Should you put money into Northern Rock? Breaking news just in about Northern Rock fiasco, City watchdog have admitted that the lack of adequate supervision in its handling of the company.

The admission made by the Financial Services Authority in an internal review of the fiasco has just been published with some concerning news. MP’s have strongly criticised the FSA saying that it did not keep a close eye on the lender’s activities.

Further reports suggest that the FSA were unlikely to call for an inquiry into the conduct of the Rock’s former directors, in February when Newcastle-based group was nationalised it is said that it currently owes around about £25bn to the Bank of England.

This is where BoE stepped in after they fell victim to the credit crunch and therefore was forced to seek emergency funding.

We just wanted to give a quick look into what has been going on but you can read the full story on Herald Tribune.