David Jones, a former finance director at majority state-owned lender Northern Rock, has been banned and fined by the FSA for misreporting arrears figures.
The bank executive is no longer allowed to perform a regulated function in financial services after a series of misreporting deceptions. Jones's misconduct started in mid January 2007 when he agreed, along with David Baker, the former deputy CEO at the bank, to report false mortgage arrears figures in the 2006 annual accounts. The correct figures in the explanatory text would have reduced possessions figures by 300% or increased arrears by 50%, the FSA found. For nearly a year, Jones continued to misreport the arrears and possessions figures on a monthly basis to NR's assets & lia...
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