News
FSA comments on former Northern Rock director
28 July 2010 at 15:10
The Financial Services Authority (FSA) has commented on the case of David Jones, former finance director of Northern Rock plc, who has been fined £320,000 for misreporting mortgage arrears figures.
Margaret Cole, director of enforcement and financial crime at the regulator, said his punishment will send a message to all those with FSA authorisation that they must take their individual responsibilities seriously "at all times" or suffer the consequences.
She explained that, even though other senior directors within the firm were involved in the misreporting of arrears and repossession figures, Mr Jones had a particular responsibility to avoid such activity.
"As a senior director himself and as an FSA authorised person, Mr Jones had a duty to reveal the true position to the public and to important internal committees. He had numerous opportunities to put things right, but failed to do so," Ms Cole said.
It comes after father and son Jeremy and Jeffrey Burley were fined by the FSA for engaging in market abuse in relation to the shares of Tower Resources plc.
Posted by Claire Robin