Former Northern Rock directors fined and banned

| April 13, 2010 | 0 Comments

Two former directors of crisis-torn Northern Rock have been fined and banned by the Financial Services Authority (FSA).

Former deputy chief executive, David Baker, has been fined more than half a million pounds by the FSA for misreporting mortgage arrears data and banned from working for an FSA-regulated firm.

Furthermore, ex-credit director, Richard Barclay, has been fined £140,000 by the City Regulator for failing to ensure accurate financial information, and has also been banned from performing “any significant influence function” at an FSA-regulated firm.

The two former directors have admitted their failings and received reduced penalties as a result of their full co-operation, the FSA said.

In a statement, the FSA’s director of enforcement, Margaret Cole, said: “The fines we have imposed on them leave no doubt that we will take action against individuals who either fail to act with integrity or who fail to perform their roles to a high standard.”

Two years ago, David Baker retired after more than 30 years at the bank. He was described as ‘outstanding‘ and former Lloyds of London boss, Ron Sandler, who was executive chairman of Northern Rock at the time commended the ‘immense contribution‘ Mr Baker had made.

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