Ex-Northern Rock boss fined for misrepresenting arrears data

Northern Rock’s former deputy chief executive was handed a record fine and banned for life today as the City regulator lifted the lid on staff manipulation of mortgage arrears figures at the lender.

David Baker was fined £504,000 (€571,000) by the UK's Financial Services Authority (FSA) and banned from working in any regulated activity after the watchdog found that he misled shareholders and analysts by quoting inaccurate data.