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Northern Rock finance officer leaves amid FSA investigation

David Jones, chief financial officer at Northern Rock, has left the lender after he was linked to an Financial Services Authority investigation into the omission of almost 2,000 loans from the bank’s arrears figures.

Reports earlier this week alleged that Jones is being investigated by the FSA for his part in leaving 1,917 mortgages out of Northern Rock arrears data in 2006.

David Baker, former deputy chief executive at the lender, has been banned and fined £504,000 by the regulator for his role in the arrears cover-up.

Baker became aware that the data was inaccurate in 2007 but failed to escalate the issue and went on to mislead the market about the true extent of arrears on Northern Rock’s mortgage book.

Richard Barclay, Northern Rock’s former managing credit director, has been fined £140,000 and banned from holding a senior role at any FSA-regulated firm.

A statement from Northern Rock says: “Northern Rock (Asset Management) announces that David Jones, chief financial officer has left the company with immediate effect.

“This enables Mr Jones to focus on an ongoing FSA investigation into matters relating to a period before the company entered public ownership. 

“The company is not subject to any sanction from the FSA as a result of this investigation.”

 

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  • simon bucknell 21st April 2010 at 4:17 pm

    wtf !!!
    this guy shold have been sacked at the very least…..
    talk about the old boys network !!