RBS puts Pain in charge of compliance
The Royal Bank of Scotland has appointed former FSA supervisor Jon Pain as head of its conduct and regulatory affairs division, reporting directly to chief executive Stephen Hester.
Pain will be responsible for overseeing all conduct and compliance issues across all RBS business units as well as handling the firm’s relations with regulators.
Before joining RBS, Pain was a partner in financial services at management consultancy KPMG. Prior to that, he headed supervision at the UK Financial Services Authority, leading the regulator’s actions to restructure, recapitalise and strengthen the banking sector.
From 1973- 2007, he worked at Lloyds Bank, including a spell as head of Cheltenham & Gloucester (acquired by Lloyds in 1997), Lloyds general insurance and private banking.
“I am delighted that we have recruited someone of Jon’s experience to this new and important role,” said Hester. “The creation of this position sends a clear message about how we want to do business – serving customers well, completing our return to a safe and conservative risk profile, and generating sustainable returns for shareholders. If we achieve these objectives, and do so in the right way, RBS will become a really good bank. Jon will be an excellent addition to the management team and I look forward to working with him when he takes up the position.”
