Norris barred for three years over Barings

Peter Norris, the former chief executive of Barings, was yesterday barred from holding any management position in the investment banking industry for at least three years. The Securities and Futures Authority, the City watchdog, found Mr Norris' part in the collapse of Britain's oldest merchant bank amounted to a serious failure of his managerial duties. He was also fined pounds 10,000.

However, following negotiations over the terms of the disciplinary settlement, the SFA stepped back from declaring Mr Norris, who is 41, to be not "fit and proper" to work in the securities business. After the ban, he will be able to reapply for registration with the SFA.

Yesterday's was the first successful disciplining of one of the former senior Barings' executives who were in charge when the bank crashed under nearly pounds 900m of unauthorised derivatives losses. Most of the other eight former executives who have been investigated are expected, however, to contest the watchdog's disciplinary findings.

Ron Baker, who was the direct boss of Nick Leeson, the imprisoned rogue trader who carried out the disastrous speculation, yesterday presented the SFA with a detailed rebuttal of its charges. Declaring himself determined to clear his name of the unjust criticisms, Mr Baker has opted to take the matter to the SFA tribunal. It is understood that the punishment proposed by the SFA for Mr Baker is similar to that agreed with Mr Norris.

Mr Baker's deputy in charge of the Barings derivatives business at the time of the crash, Mary Walz, is also believed to be contesting the SFA's findings before a tribunal. Five other former executives are facing penalties ranging from one- to three-year bans and fines of between pounds 5,000 and pounds 10,000.

Ian Hopkins, the former head of group treasury and risk, has taken the unusual course of refusing to comply with the SFA's disciplinary process. Mr Hopkins has told the SFA he does not intend to submit a defence to a tribunal on the grounds that it will be unable to reach a fair verdict.

Instead, Mr Hopkins has made a detailed submission to the Commons Treasury Select Committee, which will be holding hearings into the Barings collapse next Wednesday. However, Mr Hopkins is not among the four former Barings executives - Peter Baring, the chairman, Andrew Tuckey, the deputy chairman, Mr Norris, and Geoffrey Barnett, chief operating officer - who have been invited by the committee to appear before it.

The SFA said Mr Norris admitted he "failed to act with due skill, care and diligence" regarding the massive positions run up by Barings in its dealings between the Singapore and Japanese exchanges. He also failed to deal "with sufficient promptness and firmness" with a key clue that could have unmasked Leeson's dealings, a pounds 50m discrepancy uncovered by Barings' auditors in January 1995.

In determining the discipline for Mr Norris, the SFA said it had taken into account the fact that he had not previously been the subject of disciplinary action and had co-operated with the watchdog in its investigations.

In the detailed defence document handed yesterday to the SFA, Mr Baker's lawyers, Fox William, argued that he was being unjustly sanctioned for management failures outside of his responsibility. It pointed out that Mr Baker was in charge of Barings' house derivatives business and not the agency trading Mr Leeson was involved in. It also argues that he only took formal responsibility for Leeson in January 1995, while the fraud trading had been going on since 1992.

Regarding the costs of his defence, Mr Baker said: "In my own mind I have written off pounds 100,000 as a worst-case scenario, but it could even end up as more."

In March, the SFA formally cleared the two most senior former Barings executives, Peter Baring and Andrew Tuckey, of responsibility for the collapse of the 233-year-old bank.

News
A Brazilian wandering spider
news

World's most lethal spider found under a bunch of bananas

News
people
Arts and Entertainment
Tim Wonnacott dancing the pasadoble
TVStrictly Come Dancing The Result
Sport
Mario Balotelli pictured in the win over QPR
footballInternet reacts to miss shocker for Liverpool striker
PROMOTED VIDEO
Voices
Sol Campbell near his home in Chelsea
voices
News
<p>Jonathan Ross</p>
<p>Jonathan Ross (or Wossy, as he’s affectionately known) has been on television and radio for an extraordinarily long time, working on a seat in the pantheon of British presenters. Hosting Friday Night with Jonathan Ross for nine years, Ross has been in everything from the video game Fable to Phineas and Ferb. So it’s probably not so surprising that Ross studied at Southampton College of Art (since rebranded Southampton Solent), a university known nowadays for its media production courses.</p>
<p>However, after leaving Solent, Ross studied History at the School of Slavonic and East European Studies, now part of the UCL, a move that was somewhat out of keeping with the rest of his career. Ross was made a fellow of the school in 2006 in recognition of his services to broadcasting.</p>
TV

Rumours that the star wants to move on to pastures new

News
Kimi the fox cub
newsBurberry under fire from animal rights group - and their star, Kimi
Arts and Entertainment
filmsIt's nearly a wrap on Star Wars: Episode 7, producer reveals
Life and Style
fashion
Arts and Entertainment
Russell Brand labelled 'left-wing commie scum' by Fox News
TV
News
ebooksAn unforgettable anthology of contemporary reportage
News
Paul Nuttall, left, is seen as one of Ukip's key weapons in selling the party to the North of England
i100
Arts and Entertainment
BBC's Antiques Roadshow uncovers a TIE fighter pilot helmet from the 1977 Star Wars film, valuing it at £50,000
TV

TV presenter Fiona Bruce seemed a bit startled by the find during the filming of Antiques Roadshow

News
people

Comedian says he 'never laughed as hard as I have writing with Rik'

News
i100
Life and Style
tech
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Operational Risk Manager - Asset Management

£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...

Project Coordinator - 12 month contract

£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...

IT Operations Manager - London - £55,000

£50000 - £55000 per annum + bonus + benefits: Ashdown Group: IT Relationship M...

Banking Solicitor NQ+

Highly Attractive Salary : Austen Lloyd: NOTTINGHAM - BRILLIANT FIRM - You wil...

Day In a Page

Oscar Pistorius sentencing: The athlete's wealth and notoriety have provoked a long overdue debate on South African prisons

'They poured water on, then electrified me...'

If Oscar Pistorius is sent to jail, his experience will not be that of other inmates
James Wharton: The former Guard now fighting discrimination against gay soldiers

The former Guard now fighting discrimination against gay soldiers

Life after the Army has brought new battles for the LGBT activist James Wharton
Ebola in the US: Panic over the virus threatens to infect President Obama's midterms

Panic over Ebola threatens to infect the midterms

Just one person has died, yet November's elections may be affected by what Republicans call 'Obama's Katrina', says Rupert Cornwell
Premier League coaches join the RSC to swap the tricks of their trades

Darling, you were fabulous! But offside...

Premier League coaches are joining the RSC to learn acting skills, and in turn they will teach its actors to play football. Nick Clark finds out why
How to dress with authority: Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear

How to dress with authority

Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear
New book on Joy Division's Ian Curtis sheds new light on the life of the late singer

New book on Ian Curtis sheds fresh light on the life of the late singer

'Joy Division were making art... Ian was for real' says author Jon Savage
Sean Harris: A rare interview with British acting's secret weapon

Sean Harris: A rare interview with British acting's secret weapon

The Bafta-winner talks Hollywood, being branded a psycho, and how Barbra Streisand is his true inspiration
Tim Minchin, interview: The musician, comedian and world's favourite ginger is on scorching form

Tim Minchin interview

For a no-holds-barred comedian who is scathing about woolly thinking and oppressive religiosity, he is surprisingly gentle in person
Boris Johnson's boozing won't win the puritan vote

Boris's boozing won't win the puritan vote

Many of us Brits still disapprove of conspicuous consumption – it's the way we were raised, says DJ Taylor
Ash frontman Tim Wheeler reveals how he came to terms with his father's dementia

Tim Wheeler: Alzheimer's, memories and my dad

Wheeler's dad suffered from Alzheimer's for three years. When he died, there was only one way the Ash frontman knew how to respond: with a heartfelt solo album
Hugh Bonneville & Peter James: 'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'

How We Met: Hugh Bonneville & Peter James

'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'
Bill Granger recipes: Our chef's heavenly crab dishes don't need hours of preparation

Bill Granger's heavenly crab recipes

Scared off by the strain of shelling a crab? Let a fishmonger do the hard work so you can focus on getting the flavours right
Radamel Falcao: How faith and love drive the Colombian to glory

Radamel Falcao: How faith and love drive the Colombian to glory

After a remarkable conversion from reckless defender to prolific striker, Monaco's ace says he wants to make his loan deal at Old Trafford permanent
Terry Venables: Premier League managers must not be allowed to dictate who plays and who does not play for England

Terry Venables column

Premier League managers must not be allowed to dictate who plays and who does not play for England
The Inside Word: Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past

Michael Calvin's Inside Word

Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past