Iceland's Kaupthing bank not 'fit and proper', FSA told
Updated on 03 February 2009
The FSA is accused of failing to act, or listen to the alarm bells, before Kaupthing went bust, taking the savings of millions of British investors with it.
The financial watchdog was warned that the Icelandic bank Kaupthing was not "fit and proper" to run the British bank it took over, MPs heard today.
As Channel 4 News revealed yesterday, the head of Singer & Friedlander, Tony Shearer, told the treasury select committee he had become concerned when he saw Kaupthing's accounts and met the people in charge.
