On March 28, the UK Financial Services Authority (FSA) announced that it had fined and banned three former directors of Cattles plc (Cattles) and its subsidiary Welcome Financial Services Limited (Welcome) for publishing misleading information to investors about the credit quality of Welcome’s loan book and acting without integrity in discharging their responsibilities. The FSA also publicly censured Cattles and Welcome for publishing misleading information.

James Corr, Cattles’ finance director, was fined £400,000 (approximately $640,000) and Peter Miller, Welcome’s finance director was fined £200,000 (approximately $320,000), and both have been banned from performing any functions in relation to any FSA regulated activities. The FSA has also banned John Blake, Welcome’s managing director, and fined him £100,000 (approximately $160,000). (Blake has appealed this penalty to the Upper Tribunal). All three fines were reduced on account of the directors’ current personal financial circumstances.