Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
Nationalisation of Northern Rock chief executive David Baker £504,000 for misreporting mortgage arrears data and former credit director Richard Barclay was fined £140,000 for failing to ensure accurate financial information. In April finance director David Jones quit the bank after reports that the FSA were to further investigate the activities at the bank prior to the nationalisation. In July Jones was fined and banned by the FSA. It has subsequently become known that the best book of Northern Rock's mortgage business, comprising mortgages worth £47 billion – some 40% of the company's assets – had been transferred to a Channel Islands based company called