Jon Pain to exit FSA in 2011
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Jon Pain, head of supervision at the Financial Services Authority, has announced he will quit in January 2011.
Pain says he is leaving due to major changes to the FSA when it splits into two as part of the government’s changes to financial regulation.
Hector Sants, chief executive of the FSA, paid tribute to Pain and says he fully undertsands his decision.
He adds: “Following the announcement that the FSA will be split in 2012, Jon Pain has decided that there will not be a suitable role for him in the new structure. So, it is with regret that I have to announce that Jon has decided to leave the FSA next year. However, he has agreed to carry on as managing director of Supervision until the switch over to the new structure within the FSA, which we hope to achieve in January 2011.
“I would like to express my appreciation for Jon’s outstanding contribution and strong leadership in his time at the FSA.”
Earlier this month FSA director of risk, Sally Dewar, announced her intention to leave next year.
The chancellor of the exchequer is implementing major reforms to regulation by splitting the FSA into a prudential regulator within the Bank of England and a consumer protection agency..
has abandoned plans to leave next year to oversee the transition to the new framework.
He will become deputy governor of the bank of England and head of the prudential regulator.
Before Sants changed his mind Pain had been tipped as an interim chief executive of the FSA when the position became vacant.
Pain’s job has become diminished since Sants announced he was staying on.
Pain currently heads the supervisory teams responsible for banks’ safety, the way they treat customers and act in the markets.
But under the new structure, these teams will have to be divided.
Pain joined the FSA in 2008 to head its retail banking division and became head of all supervision last year.
He is a former head of Cheltenham & Gloucester and is expected to return to the banking industry.
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Readers' comments (4)
Sam Jones | 29 Jun 2010 12:32 pm
Good - he failed at his job and therefore it's only right that he does the decent thing and steps down.
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The truth | 29 Jun 2010 1:27 pm
Sants said
“I would like to express my appreciation for Jon’s outstanding contribution and strong leadership in his time at the FSA.”
you could not make it up could you!
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Anonymous | 29 Jun 2010 2:43 pm
Return to the banking industry, good place to go I would say as there is no regulation there and he should be safe.
Its only the one man brokers that get regulated, as they are easy targets.
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Anonymous | 29 Jun 2010 6:16 pm
So let me just get this straight...he is leaving the FSA as regulator of the banks, to go and head up the spin-off of that department that is just in a different place? Why cant we call a spade a spade, and just say he is going to leave the FSA as they have failed, to go and do EXACTLY what he was doing at the FSA, with a new job title for a new department of the same thing!! Old school sales tactics; when it goes wrong, set it up under a different name and carry on getting away with it.........................
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