Northern Rock: FSA does some introspection

The UK's FSA has done an internal audit of what went wrong in its supervision of Northern Rock.
FT comments:

Wednesday’s report is a catalogue of internal failures: Northern Rock was passed between three heads of department in the space of a year; financial analysis of the bank was inadequate; risks identified in the FSA’s own Financial Risk Outlook did not feed into supervision of Northern Rock; ongoing meetings with the bank were few and poorly documented; and FSA management lacked the information to challenge Northern Rock’s supervisors.