THE City regulator has handed out its third and final fine under an inquiry into staff manipulation of mortgage arrears figures at Northern Rock in the run-up to its collapse.

Northern Rock’s former finance chief David Jones was ordered to pay £320,000 by the Financial Services Authority and banned from working in any regulated activity for the part he played in the misreporting of mortgage arrears figures.

Northern Rock’s former deputy chief executive David Baker was fined £504,000 and Richard Barclay, former managing credit director at the bank, received a £140,000 penalty.