U.K. regulator the Financial Services Authority showed its determination to hold individual executives accountable for corporate wrongdoing this week when it fined and banned two former employees of the failed bank Northern Rock.
The FSA said that David Baker, former deputy chief executive of Northern Rock, failed to escalate information inside the business about loans that were not included in the mortgage arrears figures it reported to the regulator. He also made misleading statements about these loans to market analysts.
