Another FSA managing director to quit
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FSA managing director of supervision Jon Pain has resigned from the regulator and will leave early next year.
Pain will leave when the FSA splits itself into two regulatory bodies, one focussing on regulating the behaviour of all authorised firms and the other on prudential regulation.
The announcement follows the resignation of managing director of risk Sally Dewar, who will also leave the regulator early next year.
It was announced earlier this month that chief executive Hector Sants would stay on to lead the FSA into a regulatory restructure that will see it scrapped and replaced by a new prudential authority that will be a subsidiary of the Bank of England. Sants will become the first chief executive of the new prudential authority and a deputy governor of the Bank of England. A new Consumer Protection and Markets Authority will oversee all authorised firms.
Sants says: “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. He joined in September 2008 and he has been at the forefront of both managing the financial crisis and developing our new regulatory approach. I fully understand his decision to look for a new challenge once the reorganisation is complete and wish him all the best for the future both professionally and personally.”
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Readers' comments (11)
Alan Lakey | 29 Jun 2010 9:22 am
I guess it's one way of reducing our fees
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Anonymous | 29 Jun 2010 9:23 am
Good riddance to another overpaid bloodsucker.
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Anonymous | 29 Jun 2010 9:54 am
No Alan it will cost us more as no doubt they will give him a golden goodbye and then replace him with someone else on a higher salary.
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Tom IFA | 29 Jun 2010 10:18 am
We need to know how many 'people' are employed today at the FSA with the gross payroll. In addition the cost of pension contributions plus the expenses bill.
Ask each of the new entities the same questions in 12 months time and do you think the combined totals will be Higher or Lower than today?
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Anonymous | 29 Jun 2010 10:22 am
Like Sants, he probably has a better offer, involving more pay & more power. Then again he has probably earned enough at the regulator to retire early.
Pain is used to lording it over people who have no say or recourse to his mad dictats.
He is unlikely to accept a job where he is unable to raise the whip.
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David Johnstone | 29 Jun 2010 11:43 am
Isn't this the same Jon Pain who contributed greatly to the demise of the C&G? My remaining contacts within C&G were glad to see the back of him by all accounts and the word 'bully' tends to be raised regularly when his name is mentioned. I've never met the man but he does not appear to have a favourable reputation!!
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Anonymous | 29 Jun 2010 11:58 am
MD of supervision? "Supervise" (OED) "superintend the execution or performance of"
"Supervision" (OED) "the action or function of supervising."
Action? What action? Presiding over:
1 wholesale miss-selling by the larger organisations?
2 over-lending on domestic property, which was a main contributor in our banking system failing abjectly.
etc. etc.
Another rat leaving the sinking ship?
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Julian Stevens | 29 Jun 2010 3:39 pm
At this rate, when Hector finally does jump ship, there'll he no one left to offer his job to above the office janitor.
Hopefully Sheila Nicoll will be the next to go.
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Anonymous | 29 Jun 2010 3:56 pm
The janitor could probably handle it.
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Simon Mansell | 29 Jun 2010 7:54 pm
No doubt a golden goodbye will be followed by a golden hello when he is paid more of my fees as a consultant to the renamed born again FSA. Like Tiner before him he can then explain where the FSA went wrong whilst he was helping it go wrong. Its a club and membership has its privileges. Us lowly IFAs should touch our greasy forelocks pay our hard earned money and be thankful to our superior’s for the destruction of our livelihoods
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