FSA was warned about Icelandic bank

Independent
"The City watchdog was warned that Icelandic bank Kaupthing was not "fit and proper" to run the UK bank Singer & Friedlander, MPs were told today.Tony Shearer, former chief executive of Singer & Friedlander (S&F), said he contacted the Financial Services Authority about his doubts in April 2005 during the takeover of the group by Kaupthing.He said he and fellow directors took "every step that they thought was reasonable" to alert the FSA that they did not think Kaupthing was "fit and proper to run a UK bank".