Jon Pain, a former MD of Cheltenham & Gloucester and ex chairman of the Council of Mortgage Lenders, has been appointed as the FSA's managing director of retail markets.
He replaces Clive Briault who left the regulator in April and received a £529,000 golden handshake, despite being in charge of the team which failed over its supervision of Northern Rock.
Pain will have overall responsibility for regulating firms or groups whose business is predominantly with retail consumers. This includes the regulation of high street banks, building societies, insurance companies, mortgage lenders, retail financial services intermediaries and approximately 17,000 smaller firms engaged in the mortgage advice, insurance broking and investment advice sectors.
In addition, Pain will have responsibility for key consumer-facing functions such as the financial capability programme and the FSA Consumer Contact Centre. He will also take up a place on the FSA Board.
Pain has 30 years experience in UK financial services, most recently as managing director of Cheltenham & Gloucester. Prior to that role, Pain gained wide retail experience within the Lloyds TSB Group where, since 1973, he held a variety of positions, including managing director of General Insurance, managing director of Private Banking and Stockbroking as well as an area director for the Group’s Retail Bank.
Pain was chairman of the Council of Mortgage Lenders in 2006 and 2007 and was a member of the Executive Committee and chairman of the Household Committee at the ABI between 2001 and 2003.
Hector Sants, FSA chief executive officer, said: “I am delighted that Jon Pain will be joining the FSA and believe he will be a valuable addition to our management team. With more than three decades experience working in retail banking, insurance and the mortgage sector, as well as his work with trade bodies, Jon will play a key role in driving the FSA’s regulatory and consumer-facing objectives for the retail markets sector.”
David Kenmir, who has been acting as managing director, retail markets, since April this year, returns to his role as chief operating officer (COO), although he has indicated that he wishes to step down from the FSA to pursue other career opportunities in the New Year. The search to find his successor will commence shortly.
The FSA also announced that Clive Adamson has been appointed as director of the FSA’s Major Retail Groups Division (MRGD). The MRGD’s remit is the close and continuous supervision of the retail high-impact groups, involvement in FSA sector work, themes and industry sector projects. Adamson will also maintain the supervisory relationship with overseas regulators in the key G10 countries.
Sants adds: “I am pleased to confirm Clive’s permanent appointment to this role which, along with that of Jon Pain, further reinforces our strategy of ensuring the FSA is staffed by people with the right mix of regulatory and market experience.”
"I would like to dispel, I hope once and for all, the view of some commentators that the FSA is staffed by out of touch bureaucrats," he said,
“Anyone who meets my colleagues, or even looks at our website, would realise that this is simply not the case. We have an excellent balance of market and regulatory experience within our senior team and at all levels of the organisation.”
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