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 on 18 February, trading in Northern Rock's ordinary and preference shares on the London Stock Exchange was suspended. The legal authorisation for the nationalisation is the Banking (Special Provisions) Act 2008, which also allows for the nationalisation of other banks if necessary. At 00:01 on 22 February Northern Rock was formally nationalised. In November 2008 the government set up a new company, UK Financial Investments Limited, to manage their shareholdings in Northern Rock and Bradford & Bingley. On 10 March 2009 the Office of Fair Trading published their report on the impacts of public support for Northern Rock on competition