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Government response to Dunfermline Building Society inquiry branded pathetic by local MP
October 20, 2009 11:39 AM
Originally published by Scottish Liberal Democrats
Originally published by Scottish Liberal Democrats
The Government have failed to address the fundamental question posed by the break up of the Dunfermline Building Society, according to local MP Willie Rennie. He branded the response to the Scottish Affairs Select Committee Inquiry as pathetic and urged them to have another go at a response.
"If the behaviour of the Society's Board was so reckless why did the FSA regulator not spot that and taken action at the time?" said Willie Rennie.
"Instead of addressing that fundamental question the Government has ducked it claiming it will not adjudicate between competing claims. If the Government won't adjudicate how can it learn the lessons? The Government's response is pathetic. They should be advised to have another go at a response.
"The Government and the regulator let down the Society by failing to warn the Society about its decisions and behaviour. At least the former Chairman and Chief Executive of the Society admitted their mistakes, it would be helpful if the Government and the FSA did the same. Only by admitting what went wrong will they learn the lessons for the future."
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