Mortgage News
Rock CFO hits back calling FSA penalty “unfair and disproportionate”
David Jones, the disgraced former chief financial officer of Northern Rock, has hit back at his fine and ban by financial watchdog the FSA following its investigation of actions in 2007.
Jones says: “I co‐operated fully with the FSA during the course of their investigation, and I am disappointed.”
He says the pending repossessions were “fully provided for” in financial statements and also adds that there was no impact on future “provisioning levels” or the resources needed for the bank to handle arrears or repossessions.
“I accept that I did not ensure that information on residential arrears prepared and presented by others was corrected to include certain accounts known as “pending possession case,” he says.
“However, I consider that the FSA’s conclusions and imposed penalty are both unfair and disproportionate.”
“I will now put this matter behind me and move on. I intend to pursue opportunities either in an advisory or full time basis building on over 30 years’ experience in finance,” says Jones.
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