Finance director fined for failing to adequately advise board

The Financial Conduct Authority (FCA) has fined Christoper Willford, the former finance director (CF1) of Bradford & Bingley, £30,000 for failing to provide the board with up-to-date information about the bank’s financial position ahead of its 2008 rights issue in breach of Principle 6 of the FCA’s Statements of Principle for Approved Persons.

The FCA found that, between 16 May 2008 and 18 May 2008, Mr Willford failed to have proper regard to the available financial information and its relevance to the aborted rights issue and advise the board of the bank appropriately. In particular, he did not adequately review the financial information he received on 16 May 2008 and as a result he failed to appreciate that the documents indicated a possible material change in the financial outlook of the bank…

If you are registered and logged in to the site, click on the link below to read the rest of the Withers briefing. If not, please register or sign in with your details below.

Briefings from Withers

  • Family law revolution

    22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.

  • A day out with the Charity Tax Group

    Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.

View more briefings from Withers

Analysis from The Lawyer

Browse This Firm’s


16 Old Bailey
City of London

Turnover (£m): 117.80
No. of Lawyers: 307