FSA investigates ex-Northern Rock finance director
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The FSA is believed to be investigating former Northern Rock finance director David Jones following last week’s fines of former staff for misreporting arrears figures.
Last week, former deputy chief executive David Baker and ex-managing credit director Richard Barclay were fined £504,000 and £140,000 respectively for misreporting mortgage arrears figures.
Despite becoming aware in January 2007 that there were 1,917 loans omitted from the mortgage arrears figures, Baker’s actions meant this was not reported.
If the omitted loans were reported, the arrears figures would have been around 50 per cent higher. If the loans had been reported as in possession, the number would have increased from 662 to 2,579 cases.
The potential investigation into Jones is understood to centre on whether he knew these arrears figures had been misreported.
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Readers' comments (1)
Incompetent Regulators Awards Team | 19 Apr 2010 1:20 pm
Dear FSA
Can we have investigation paid for by staff members of the FSA why Clive Brialt who was in charge of the regulating of Northern Rock why he got a £380,000 pay off please.
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