Jon Pain to quit FSA

The FSA's managing director of supervision, Jon Pain, is the latest board member to quit the regulator.

Pain will step down in 2011 following the government's move to scrap the FSA in a shake-up of financial services regulation.

His exit comes just weeks after risk managing director Sally Dewar announced her departure.

FSA chief executive Hector Sants said: “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."

Sants added: “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.”