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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.

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