Former Barclays finance director Naguib Kheraj, who earned £600,000 (€746,883) a month last year as an adviser to the bank, has taken a part-time role at the Financial Services Authority advising on the supervisory enhancement plan being implemented by the regulator to address its failings on stricken UK lender Northern Rock.

The UK financial markets regulator, which drew intense political criticism for its role in the events that led up to the Rock’s funding crisis last year, said in a statement today it has appointed Kheraj as senior adviser on its supervisory enhancement programme, reporting directly to FSA chief executive Hector Sants.