MD of supervision to leave FSA before restructure in 2011

The Financial Services Authority (FSA) is to lose its managing director of supervision, it emerged today.

Jon Pain, who is also a board member at the UK regulator, has announced his intention to depart before the substantial changes proposed by UK Chancellor George Osborne.

A source at the FSA suggested that under the structure put forward by Osborne, Pain's role would "cease to exist", with some of the responsibilities being absorbed by the Bank of England and the remainder going into a new body

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