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FSA shores up risk monitoring after Northern Rock affair

The City watchdog has outlined plans to prevent a repeat of the Northern Rock crisis. In a hotly anticipated review of its own handling of the Northern Rock crisis, the Financial Services Authority (FSA) said it would be founding new teams of specialists to more closely monitor what it dubbed "high-impact firms". Other moves planned by the FSA to shore up risk include the reform of its risk department and improving supervisory training. The report was delivered by the FSA's chief executive Hector Sants, who conceded that the watchdog's approach to the crisis has been lacking in" "quality, intensity and rigour". Mr Sants said: "It is clear from the thorough review carried out by the Internal Audit team that our supervision of Northern Rock in the period leading up to the market instability of late last summer was not carried out to a standard that is acceptable, although whether that would have affected the outcome in this case is impossible to judge."

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