Page "Financial Services Authority" Paragraph 102

On 17 April 2009, a whistleblower ( former FSA employee ) alleged that the FSA had turned a blind eye to the explosion in purchases of whole sale loans taken on by various UK building societies from 2005 onwards.

The FSA has denied the claims-" This is not whistleblowing, it is green ink " a spokesman said.

" The allegations are a farrago of lies, distortions and half truths made by an obviously disgruntled former employee who clearly has an axe to grind.

It does not paint a realistic picture of our supervision of building societies.