News
Northern Rock case 'will involve no further FSA action'
28 July 2010 at 15:17
The Northern Rock misreporting case, which has seen the Financial Services Authority (FSA) fine and ban a former director, will involve no further action.
Following the punishment of David Jones, former finance director at the bank, the Irish Independent asked the regulator whether action would be taken against Adam Applegarth or the former finance director Bob Bennett.
"We will not be taking further action against other individuals in relation to this case," an FSA spokesman told the newspaper.
Mr Applegarth, who was Northern Rock chief executive between 2005 and early 2007, was involved in the case of former deputy chief David Baker after it emerged that Mr Baker did not inform him of the unusual accounting treatment.
This led to the chief executive boasting that the bank's arrears levels were half the industry average, despite this not being the case.
Mr Baker was fined and banned in April along with Richard Barclay, the former credit director, over the bank's failings.
Yesterday, Mr Jones commented on his case: "I accept that I did not ensure information on residential arrears prepared and presented by others was corrected to include certain accounts known as 'pending possession cases'."
Posted by James Harrison