No apology from the regulators then

The Financial Services Authority, Bank of England and the Treasury appeared before the Scottish Affairs Select Committee today in the first evidence session for the Dunfermline Building Society inquiry.

Despite effective probing from MPs Ian Davidson and Alistair Carmichael about why they failed to spot and stop the "reckless decision making" at the Society, they said they had done nothing wrong.

If Society was so reckless surely they should have stepped in to put an end to end. But they didn't. This another example of the failure of regulation.