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.”