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| City watchdog to face MP grilling | City watchdog to face MP grilling |
| (about 1 hour later) | |
| The City watchdog, the Financial Services Authority (FSA), is the next body to be grilled by MPs over the problems that have beset Northern Rock. | The City watchdog, the Financial Services Authority (FSA), is the next body to be grilled by MPs over the problems that have beset Northern Rock. |
| FSA chairman Sir Callum McCarthy and chief executive Hector Sants will give evidence to the Treasury select committee next month. | |
| The FSA has been criticised for not tackling Northern Rock's lending model before the bank hit difficulties. | The FSA has been criticised for not tackling Northern Rock's lending model before the bank hit difficulties. |
| On Thursday, Bank of England chief Mervyn King faced the committee. | On Thursday, Bank of England chief Mervyn King faced the committee. |
| The chairman of the committee, John McFall, said he also wanted Chancellor Alistair Darling to appear before the committee to give evidence of the Treasury's handling of the affair. | The chairman of the committee, John McFall, said he also wanted Chancellor Alistair Darling to appear before the committee to give evidence of the Treasury's handling of the affair. |
| 'Anxieties and concerns' | 'Anxieties and concerns' |
| The FSA appearance, scheduled for 9 October, is expected to see the watchdog challenged over whether it was fulfilling its role properly. | The FSA appearance, scheduled for 9 October, is expected to see the watchdog challenged over whether it was fulfilling its role properly. |
| "The FSA has a lot of questions to answer... about why Northern Rock wasn't identified as the most obvious risk," committee vice-chairman Michael Fallon said during Thursday's hearing. | "The FSA has a lot of questions to answer... about why Northern Rock wasn't identified as the most obvious risk," committee vice-chairman Michael Fallon said during Thursday's hearing. |
| In a speech in London on Thursday, Sir Callum said the events of the last week, which saw a run on the Northern Rock as thousands so people queued to withdraw savings, had "been sobering for all". | In a speech in London on Thursday, Sir Callum said the events of the last week, which saw a run on the Northern Rock as thousands so people queued to withdraw savings, had "been sobering for all". |
| "We need to reflect and then act to prevent repetition of anxieties and concerns which recognise and with which I sympathise." | "We need to reflect and then act to prevent repetition of anxieties and concerns which recognise and with which I sympathise." |
| The October select committee hearing was already scheduled but had previously been set to take evidence on the FSA's annual report. | The October select committee hearing was already scheduled but had previously been set to take evidence on the FSA's annual report. |