FSA names chief operating officer

He replaces David Kenmir, who announced his departure in July 2008 but agreed to remain in his post until the FSA found a replacement. Norris was previously chief operating officer of Credit Suisse's UK private banking business.

The FSA has seen several changes in its top management in the past 12 months -most recently, deputy chairman James Crosby resigned after accusations he ignored warnings about HBOS's risky investment strategy while chief executive at the bank.

In April last year, Clive Briault, the head of retail supervision, left the regulator after attracting criticism over the collapse of Northern Rock in 2007 - his post was temporarily filled by Kenmir until the FSA recruited Jon Pain as a permanent replacement in July. And the start of last year saw a new head of wholesale supervision - Sally Dewar, who replaced Hector Sants when he was promoted to chief executive.

The authority looks set to take on signficantly expanded duties in the years ahead, with short-selling restrictions, tighter anti-fraud rules, expanded supervision, a general overhaul of its regulatory role and improved stress testing all contributing to a forecast 22% increase in its budget for 2009.

See also: Crosby resigns from FSA following HBOS allegations
Briault leaves FSA
FSA appoints new MD of wholesale