Royal Bank of Scotland Group Plc. (RBS, RBS.L) has appointed former regulator Jon Pain to the newly created role of overseeing regulatory affairs and conduct, reports said. He is said to join RBS in August and will be part of the executive committee.
The appointment comes after the lender earlier this year agreed to pay about $612 million to U.S. and UK regulators to settle allegations that the company's employees tried to manipulate key global benchmark interest rates.
Pain served the Financial Services Authority for four years until 2011. He was a managing director of supervision in 2011. He comes to RBS from KPMG where he is partner for financial services. He worked for Lloyds from 1973 to 2008.
RBS.L fell more than 3 percent on Friday to close at 327 pence.
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