Northern Rock boss fined by FSA

The former finance director of Northern Rock David Jones was today fined £320,000 and banned from working in financial services.

The Financial Services Authority, said for nearly a year Jones was responsible for the "continued misreporting of arrears and repossessions" on a monthly and quarterly basis.

Margaret Cole, head of enforcement at the FSA, said: "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."

Northern Rock was nationalised in 2008 after suffering the first run on a UK bank for 150 years. Jones, former deputy chief executive David Baker and credit director Richard Barclay have been fined and banned for their role in hiding the level of damage on Rock's mortgage book.
Jones said he was "disappointed" by the FSA's findings and said the fine was "unfair and disproportionate".