FSA Appoints Jon Pain As Managing Director Of Retail Markets

by Robin Pilgrim, LawAndTax-News.com, London

29 July 2008

The UK's Financial Services Authority (FSA) on Tuesday announced the appointment of Jon Pain as its new managing director of Retail Markets.

Mr Pain will also join the FSA Board, as will be announced by HM Treasury this week.

As Retail Markets managing director, 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, Mr Pain will have responsibility for key consumer-facing functions such as the financial capability programme and the FSA Consumer Contact Centre.

Jon Pain has 30 years experience in UK financial services, most recently as managing director of Cheltenham & Gloucester.

Hector Sants, FSA chief executive officer, announced that:

“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.”

Commenting on his appointment, Pain added:

“I am very much looking forward to taking up my new role within the FSA, at a time when the importance of world class regulation is so universally recognised. I hope that my broad financial services experience and my previous roles managing consumer-facing businesses will bring added value to the FSA, the firms we regulate and the consumers we protect."

He concluded: "I genuinely believe a vibrant, successful and well regulated retail financial services market can bring significant benefits for all stakeholders and the wider UK economy.”

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