The managing director of supervision and FSA board member, Jon Pain, is set to quit the regulator early next year.
Pain will exit the organisation following the split of the FSA into two bodies, one focusing on prudential regulation and the other on regulating the behaviour of authorised firms.
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.
“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.”
Pain’s resignation is the second to come from an FSA managing director. Risk MD Sally Dewar also recently announced she would be leaving the regulator in early 2011.
FSA chief executive, Hector Sants, has agreed to remain in situ at the FSA and following the regulator’s restructure, will become the first deputy governor of the Bank of England, and chief executive of a new prudential authority overseen by the Bank.
The remainder of the FSA will be restructured into a new Consumer Protection and Markets Authority which will oversee all authorised firms.
