The Financial Services Authority (FSA) has publicly censured Cattles and its subsidiary Welcome Financial Services for publishing misleading information to investors about the credit quality of the latter's loan book.
James Corr, sub-prime lender Cattles' finance director, and Peter Miller, Welcome's finance director, have also been fined £400,000 and £200,000 respectively and banned from performing any functions in relation to any FSA regulated activities. Meanwhile, John Blake, Welcome's managing director, has been fined £100,000, although his case has been referred to the Upper Tribunal. The FSA said Cattles' 2007 annual report contained highly misleading arrears, impairment and profit figures, stating that only £0.9bn of Welcome's £3bn loan book was in arrears, when if accounting standards had ...
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