The former finance director of troubled bank Northern Rock has been banned by the Financial Services Authority (FSA) from working for any FSA regulated company and has also been fined £320,000 after he was found to have allowed false figures concerning the extent of Northern Rock’s mortgage arrears to be disclosed to the bank’s assets committee and the Council of Mortgage Lenders.
Northern Rock was the first bank that had to be rescued by the Government as the extent of ‘toxic debt’ in the banking system became clear.
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