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One big fine might be seen as unfortunate ...

July 13, 2014

If you are a financial regulator with a three-letter acronym, you have probably fined Chris Willford.

The former finance director of the former building society Bradford & Bingley was fined and reprimanded by the Financial Reporting Council (FRC) last week for failing to alert his board to a serious worsening of the lender's finances during the credit crunch. His penalty was pounds 13,000, reduced from pounds 20,000, because he settled early.

The FRC fine follows a pounds 30,000 one imposed by the Financial Conduct Authority (FCA) in December over the same matter.

The case dates from May 2008, when Bradford & Bingley was trying to raise pounds 400m from its shareholders to increase its financial strength.

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Source: Observer (UK)

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