The FSA has published its initial statement in response to the report of the Treasury Select Committee of the House of Commons entitled "The run on the Rock". The FSA states:

"As we have already acknowledged publicly, there were clearly supervisory failings in relation to Northern Rock and we are already addressing these. We will also examine carefully any further lessons that emerge from our internal review of the supervision of Northern Rock. We will be publishing the conclusions of that review in March. We intend to study carefully the Committee's report and will respond more fully in due course. The report will inform our input into the Tripartite Authorities' wider consideration of reform, which is currently underway."

ViewFSA makes initial response to TSC report, 26 January 2008