Northern Rock boss fined £320,000
The Financial Services Authority has announced the third and last fine it is issuing to Northern Rock bosses who faked mortgage arrears figures before the bank collapsed and had to be bailed out by the taxpayer.
Former finance chief David Jones was fined £320,000 and has been told he can no longer work in any regulated activity because of his misreporting of the bank's figures.
Back in April, the regulator fined Northern Rock's ex-deputy chief executive David Baker £504,000 and ex-managing credit director Richard Barclay £140,000 for manipulating mortgage data.
The authority uncovered false data reports of mortgage arrears and possession, which misled analysts and shareholders before the bank's troubles were apparent.
The latest fine sends "a message" to the banking industry, according to the regulator's director of enforcement and financial crime, Margaret Cole.
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