Chief operating officer announces departure

The FSA has lost its third senior official in less than a month following managing director Mark Norris’ announcement that he is leaving the organisation.

Norris, who was also chief operating officer, said: “It has been an interesting and challenging time at the FSA. Since joining I have initiated and delivered major change within the Operations Business Unit and developed and introduced a new Operating Model, and now is a good time to pursue other opportunities.”

Hector Sants, FSA chief executive, said: “I want to thank Mark for his strong leadership of the Operations Business Unit and for his significant contribution since joining the FSA, and fully understand his desire to seek fresh challenges. I wish him well for the future.”

The FSA announced that Lesley Titcomb, director of the Small Firms and Contact Division, would become acting chief operating officer with immediate effect.

Norris’ departure follows Tuesday’s news that Jon Pain, managing director of the authority’s supervisory activities, is quitting the FSA. Last month, Sally Dewar, managing directors of risk, also revealed that she is leaving.

Chancellor of the Exchequer George Osborne announced his intention to wind up the FSA last month.