The Financial Services Authority (FSA) has fined and banned three former directors of Cattles and its subsidiary Welcome Financial Services for publishing misleading information to investors about the credit quality of Welcome’s loan book.
The sub-prime lender directors acted “without integrity in discharging their responsibilities” and now face a total fine of £700,000.
James Corr, Cattles’ FD and ICAEW member, and Welcome FD Peter Miller have been fined £400,000 and £200,000 respectively. Both have been banned from performing any functions in relation to any FSA regulated activities.
About Robert Lovell
Business and finance journalist