Sub-prime lenders censured by FSA for misleading investors

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 ...