His report found that a"significant level" of potential weaknesses was discovered when the FSA carried out stress tests ahead of the Co-op's Britannia deal.Former Co-op Bank chairman Paul Flowers was last year banned from the financial services industry
"It mainly approved the merger to contain the risk of a major loss of confidence on the UK financial system," the report added. Mr Zelmer said if the FSA had challenged the Co-op over its own due diligence assessment ahead of the Britannia deal, that"might have been helpful" to the lender which was lacking in expertise and suffering"broader governance weaknesses" at the time
Co-op bank merger was deliberately staged to destroy the largest independent bank
Yes, G. Brown's govt was 'up the creek without a paddle' 🙄