The Financial Services Authority has hired a new head of retail markets and is seeking a chief operations officer, in a move that will mean the leadership of all three of the UK regulator's main divisions will have changed hands since the start of this year.

The FSA has hired Jon Pain, a managing director of mortgage lender Cheltenham & Gloucester, as head of retail markets. He replaces David Kenmir, who had taken on the role in an interim position after the previous incumbent Clive Briault, left by "mutual agreement" in April.