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King wants closer financial control
King wants closer financial control
Last Modified: 26 Mar 2008
By:
Faisal Islam
The Bank of England's governor says the global financial crisis has moved on and he wants UK financial firms to be monitored closely.
In a report today, the Financial Services Authority says it didn't keep a close enough eye on Northern Rock's management and admits it had assumed the Bank of England would intervene in the face of a credit crisis.
A failure to hold enough meetings, poor record-keeping and a lack of recognition of the risks being taken - the FSA has delivered a remarkably frank criticism of its own failings in the run-up to the collapse of Northern Rock last year.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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