Regulator fines former B&B FD

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CHRISTOPHER Willford, the former group finance director of Bradford & Bingley, has been fined £13,000 by the Financial Reporting Council (FRC) following a disciplinary case.

The FRC ruled that, between May 16 and May 19 2008, Mr 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 ruling added: “The adverse findings are conclusive evidence of misconduct by Mr Willford for the purposes of the FRC Accountancy Scheme.”

The fine was adjusted by the maximum 35 per cent to reflect Mr Willford’s settlement at the earliest date in accordance with the FRC’s sanctions guidance. Mr Willford is a member of the Chartered Institute of Management Accountants.

Mr Willford has received a reprimand; and a sum of £250 is to be paid by Mr Willford for the executive counsel’s costs for the investigation.

Paul George, FRC executive director of conduct, said yesterday: “This case shows the high standards of professional conduct expected from accountants who take up executive positions in business.”