Ex Bradford & Bingley FD fined over rights issue
Christopher Willford, the former finance director at Bradford & Bingley has been fined for a second time for failing to tell the board of a significant deterioration in the bank's finances ahead of a failed rights issue.
Willford has been fined £13,000 after he agreed a settlement with the Financial Reporting Council (FRC). An investigation by the UK accounting regulator found Willford guilty of professional misconduct as a member of the Chartered Institute of Management Accountants (CIMA).
Bradford & Bingley was nationalised in 2008 after its rights issues failed and its share price plummeted.
Between 16 and 19 May 2008 Willford "failed to have proper regard" to the available financial information and its relevance to the rights issue being planned by Bradford & Bingley and failed to advise the board appropriately, the FRC said.
In December 2013, the Financial Conduct Authority fined Willford £30,000 for his failure to tell the bank's board about a worsening in its finances, including increasing mortgage arrears and repossessions.