Chief financial officer leaves Northern Rock
David Jones, the chief financial officer of Northern Rock, has today left his post with immediate effect after being dragged into the Financial Services Authority (FSA) investigation into alleged irregularities with the reporting of mortgage data. This comes days after the former deputy chief executive of the company was fined over £500,000 and banned from the UK financial industry in the future.
There is serious concern that the damage done to Northern Rock after the announcement of the investigation could hinder and impact upon the company's trading position and potentially delay any sale of the operation. Many financial commentators are also concerned that the Northern Rock investigation is simply the tip of the iceberg and we could see more revelations appearing in the weeks and months ahead.
In many ways it was easier to hide any potential problems in the boom times but now that the UK banking sector has been through its worst period in living history there appear to be many lessons to be learned. It will be interesting to see the full report into the Northern Rock investigation and exactly how the regulators will change the system in the future to ensure more accurate reporting of critical data.
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