The FSA spends too much time and money chastising small firms for the problems facing the financial services industry, and not enough pursuing the biggest culprits: the banks.
Richard Branson's Virgin Group has placed the highest bid for Northern Rock, it was revealed last night.
Olivant, the investment vehicle headed by former Abbey boss Lugman Arnold, has pulled out of the bidding race for Northern Rock.
Bidders are expected to submit their formal proposals to takeover Northern Rock ahead of today's deadline.
Sir Richard Branson has confirmed the Virgin Group will lodge a bid for beleaguered lender Northern Rock on Monday.
Vince Cable has today questioned the sense of giving the FSA a bigger role in the wake of the Northern Rock fiasco.
The financial services industry has welcomed a consultation on proposals to improve the systems currently in place when banks run into trouble.
The Treasury Select Committee has proposed giving powers to deal with failing banks to a single member of the Tripartite Authorities as part of a report into the near collapse of Northern Rock.
Northern Rock's share price has surged 53% this morning as the government announces a new 4 February bid deadline for the stricken lender.
The hedge funds challenging Northern Rock's directors, RAB Capital and SRM Global, have been largely defeated in today's extraordinary general meeting (EGM).