Royal Bank of Scotland (RBS) has appointed a former director at the UK regulator Financial Services Authority (FSA), Jon Pain, as its new head of conduct.
Pain will join RBS in the lender’s newly-created conduct and regulatory affairs role, from accountants KPMG, in August 2013, reported Reuters.
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Apart from the FSA, Pain has also worked for many years at Lloyds Banking Group, and will be in charge of RBS’s relationship with regulators globally. He will report directly to RBS chief executive, Stephen Hester.
Hester said the creation of this position "sends a clear message" about how the lender 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," said Hester.
Lloyds and Barclays have also recently hired for similar roles as British banks deal with the wake of an interest rate rigging scandal and claims of mis-sold insurance on loans and mortgages. Earlier in May, Rosemary Hilary, who was previously the head of internal audit at the FSA, was appointed as audit director for TSB.
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