The Financial Services Authority, the UK financial regulator, said it has appointed the former managing director of the Cheltenham & Gloucester mortgage lender firm as its new head of its retail markets section.

The FSA said Jon Pain will be managing director of Retail Markets and also join the FSA’s board.

Mr Pain will have overall responsibility for regulating firms or groups whose business is predominantly with retail consumers.  This includes the regulation of high street banks, building societies, insurance companies, mortgage lenders, retail financial services intermediaries and approximately 17,000 smaller firms engaged in the mortgage advice, insurance broking and investment advice sectors.

Prior to his role at Cheltenham & Gloucester, Mr Pain worked at the UK banking group Lloyds TSB, starting in 1973, where he was managing director of private banking and stockbroking.

He has been chairman of the Council of Mortgage Lenders and was a Member of the Executive Committee and Chairman of the Household Committee at the Association of British Insurers between 2001 and 2003.