Pain has been appointed as the bank’s first head of conduct and regulatory affairs. He joins following a brief stint at KPMG, where he was a partner for financial services.
Pain left the FSA in 2011 believing there would be no suitable role for him once the regulatory body morphed into the FCA.
Of the appointment, CEO Stephen Hester said: “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 suitable returns for shareholders.”
RBS was slapped with a £390m fine for its involvement in the Libor rigging scandal, and has set aside £3bn to fund the cost of compensating those clients who were miss-sold PPI.
Despite Q1 2013 being its best quarter for a number of years, the 81% state-owned bank remains the least favoured stock in the sector, and does not appear in the top ten holdings of any fund according to data provided by FE.
