FSA FAILURES CONTRIBUTED TO DUNFERMLINE DEBACLE

FSA FAILURES CONTRIBUTED TO DUNFERMLINE DEBACLE

Commenting on the publication of the Scottish Affairs Select Committee report into the takeover of the Dunfermline Building Society, SNP Committee Member, Pete Wishart MP, repeated concerns over the operation of the Financial Services Authority (FSA).

Mr Wishart said:

“This report underlines again the failure of the FSA in its duty to protect savers and investors, and these lessons must be learned.

“In the run up to the takeover by Nationwide, some extraordinarily poor managerial decisions were made at the Dunfermline and the FSA repeatedly failed to intervene. This cannot be allowed to happen again.

“Throughout Dunfermline’s difficulties, ensuring stability and certainty for depositors, borrowers and Dunfermline staff was the foremost priority of the Scottish Government. I am glad that this was secured although the value for money offered by Nationwide’s state sponsored buy-out has yet to be demonstrated.”