RBS hires ex-regulator to join in push to clean up behaviour

Tim Wallace
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FORMER Financial Services Authority (FSA) managing director Jon Pain is joining RBS, the bank announced yesterday, to head up its compliance functions.

The new group head of conduct and regulatory affairs will report directly into chief executive Stephen Hester from August.

Several top banks have hired former watchdog staff as the industry tries to raise standards in the wake of a series of scandals.

“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,” said Hester. “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.”

Barclays recently appointed ex-FSA boss Hector Sants to run its compliance arms, while earlier this year HSBC hired ex-Serious Organised Crime Agency head Bill Hughes.