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FSA appoints Mark Norris as chief operating officer

The Financial Services Authority last week appointed Mark Norris as chief operating officer.

Norris, who takes over from David Kenmir, has worked in the financial services industry for over 25 years. A qualified accountant, his early career included stints in audit services roles at KMG Thomson McLintock and Price Waterhouse.

He joined Jardine Fleming Hong Kong in 1994, and later took up the role of COO for the investment bank’s operation in Japan.

Between 1998 and 2003 Mark worked for Deutsche Bank. He was head of operations for Deutsche Asset Management in Europe before moving to JP Morgan’s Worldwide Securities Services business in the US, subsequently taking over as head of operations Europe at the bank’s asset management business in London.

His last position was as COO of Credit Suisse’s UK private banking business.

Hector Sants, chief executive officer of the FSA, says: “Norris will be a valuable addition to the FSA’s management team.

“He will play a key role in driving the FSA’s operations.”


Mortgage activity sees slight increase in January

Mortgage approval activity for January increased slightly to £7.6bn but fell almost 60% from the same time last year, figures from the British Bankers’ Association reveals.The January figure is up from the £7.3bn recorded for approved mortgage loans in December, but is markedly down by 59.4% from the previous year.House purchase loans were up marginally […]

Regulation of HBOS was wrong admits FSA

Lord Adair Turner, chairman of the Financial Services Authority, says that in retrospect the supervision of banks like HBOS was wrong.

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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