FSA unveils new retail chief

Pain will take overall responsibility for the regulation of around 17,000 smaller firms engaged in advising on investment, mortgages and insurance broking, as well as high street banks, insurance companies, building societies and larger retail financial intermediaries. He will also oversee key consumer-facing functions, such as the financial capability programme and the FSA Consumer Contact Centre. Pain takes over from Clive Briault, who left the regulator in April. Acting retail managing director David Kenmir will return to his role as chief operating officer, though he too has alrea...