Bloomberg News

Northern Rock’s Former Finance Head Probed by FSA, Times Says

April 18, 2010

The Financial Services Authority is investigating whether Northern Rock Plc’s former finance director helped hide bad debts, the Sunday Times reported, without saying where it got the information.

David Jones, who resigned as finance director when the bank was nationalized in February 2008, may have been aware of plans to cover up the debts in the bank’s accounts, the newspaper said.

Heidi Ashley, an FSA spokeswoman, declined to comment when contacted today by Bloomberg News. A telephone message seeking comment from Northern Rock wasn’t immediately returned.

The FSA last week fined two former Northern Rock executives, David Baker and Richard Barclay, a total of 644,000 pounds ($990,000) for hiding impaired mortgages from the market, the Sunday Times said.

To contact the reporter on this story: Kevin Crowley in London at kcrowley1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net;


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