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FSA NO MORE THAN BLIND OBSERVER AND MUTE COMMENTATOR - RENNIE

July 30, 2009 3:00 PM

Commenting on the Scottish Affairs Select Committee report into the break up of the Dunfermline Building Society, local MP for Dunfermline and West Fife Willie Rennie said:

"This is a pretty good report. The inquiry has thoroughly explored this complex break up of one of Scotland's iconic financial institutions.

"The Dunfermline Building Society former senior management has admitted the fatal mistakes that led to the demise of the Society including the grandiose but failed IT project, commercial lending and buy to let mortgages.

"The Financial Services Authority, however, has not admitted its mistakes. The FSA was supposed to be the guardian of the financial sector but was no more than blind observer and mute commentator."

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