MSE News: Ex-Northern Rock directors misled over mortgage arrears stats

VIGILANT22

Quote: Do you mean the FSA are full of ex-bankers

Of course they are, they are bankers for bankers! Look at the new type of regulation that is trying to be introduced! If they are allowed to get away with RDR.....most people will be driven towards banks and not independent financial advice.....all that happens is people will pay more and not receive "advice".

Banks are staffed with people who have to meet targets...with "false badges" reading "customer service advisor" or "private manager".....the "charges" are in the cost of the product...but the public go along believing in "THE BANK"

But do people want to pay for independent financial advice??.........this site is a prime example of those who don't and what also happens when they don't....

Quote: Gordon Brown wants more financial regulation
Who gave them the free card...Gordon Brown.....Who created these fats cats the FSA (did you notice who resigned a few months ago?)

Now he is saying different, when it is a vote that counts....

drsteve

Pincher Quote: "There seems to be three loads of external people looking at these accounts and financial manoeuvrings: appointed external auditor, HMRC tax inspectors, and FSA compliance officers. Isn't there some kind of synergy to be had here?"

Come on there isn't even synergy within HMRC ! The only synergy seems to be between banks and politicians.

Quote: Gordon Brown wants more financial regulation
Who gave them the free card...Gordon Brown.....Who created these fats cats the FSA (did you notice who resigned a few months ago?)

Now he is saying different, when it is a vote that counts....

Seriously if anybody believes a word that comes out of Brown's piehole now they want their head examined. He is an unelected Prime Minister who since he got the top spot has flopped from one disaster to another. I just hope the country sees sense and formally unelects him next month. Mr Brown you ARE the weakest link....goodbye

Muhasib

renford wrote: »

A £0.5m fine, levied against an individual, is good going in my book, regardless of where the money goes (sorry drsteve).

Is the FSA finally growing some cojones?

That said, I read elsewhere that David Baker said of the fine, "I made an error of judgment and I regret it." If it were up to me, I'd fine him another £0.5m per year until he says, "I told a blatant lie because I thought the FSA would let me get away with it."

Am I too harsh?

not harsh enough - he earned £3.4m since 2002 and sold £1.2m in NR shares in Jan 2007 (which was the same month the FSA has judged he had deceived the shareholders by not revealing the 1,917 mortgages either 3 months in arrears or repossessed).
He then reportedly took “early retirement” from Northern Rock in May 2008, with a pension pot worth more than £4.3 million paying a pension of just over £300,000 a year.