RBS names former regulator Pain as head of conduct

May 27, 2013 - 2:32:58 pm

LONDON: State-backed British lender Royal Bank of Scotland has appointed Jon Pain, a former director at the country's financial services regulator, as its new head of conduct, it said on Monday.

Pain will join RBS from accountants KPMG in August as head of the bank's newly-created conduct and regulatory affairs role.

The move follows similar appointments at Lloyds Banking Group and Barclays as British banks deal with the wake of an interest rate rigging scandal and claims of mis-sold insurance on loans and mortgages.

"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," RBS chief executive Stephen Hester said.

"If we achieve these objectives, and do so in the right way, RBS will become a really good bank."

Pain, a former director at the Financial Services Authority who also worked for over 30 years at Lloyds, will be in charge of the bank's relationship with regulators globally and will report directly to Hester. (Reuters)