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…

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