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Chief financial officer leaves Rock

Northern Rock’s chief financial officer David Jones has left the company with immediate effect to enable him to concentrate on the ongoing FSA investigation.

The investigation is concerned with matters relating to the period before the company entered public ownership.

In a statement, Northern Rock says: “The company is not subject to any sanction from the FSA as a result of this investigation.”

The firm confirms that Hugh Graham, head of the company’s treasury operation, has been appointed as interim chief financial officer, subject to FSA approval.

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.

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.


FSA makes public warning against Carmody & May

The FSA has warned consumers against dealing with Carmody & May, the firm set up by ex-Mortgage Times directors Paul Carmody and Chris May on the same premises as the defunct network. It says: “The financial planning firm was set up by the two directors after the network’s collapse and they are not authorised to […]

All weather takes longer outlook for hedge returns

New fund of hedge funds manager Hilltop Fund Management has pitched itself as an alternative to the funds of hedge funds it criticises as over-diversified and disappointing in performance terms. The firm has just launched its all weather fund of funds, which will contain 15 to 20 hedge funds. Hilltop thinks this is the optimum […]

Europe: why persist with value today?

By Rob Burnett, Neptune’s Head of European Equities The Neptune European Opportunities Fund remains committed to a value bias. We see a broadening array of opportunities in diversified industries at compelling valuations today. The most complicated part of the market is the European banks. We are currently overweight in this sub-sector as many banks are […]


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