12/12/2011 - FSA Self Critical On RBS Failure
FSA Self Critical On RBS Failure.
According to FSA chairman Adair Turner, this report details the errors of judgement and execution made by RBS executive management. In addition, the report concludes that the FSA was too focused on conduct regulation at the time and its prudential supervision of major banks was inadequate.
Taxpayers had to rescue the bank by injecting £45.5bn into the bank and they are currently sitting on a loss of more than £25bn on this investment.
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