Former Aegon general counsel, Marian Glen, and former corporate partner at law firm Allen and Overy, Charles McKenna, will take up their positions on 1 February 2013.
Prior to her time at Aegon Glen was a partner at Shepherd and Wedderburn and worked on the critical programme if remediation for Scottish Equitable customers to ensure effective and speedy provision of redress.
Meanwhile, in more than two decades at the magic circle law firm, McKenna specialised in corporate transactions, financial services and regulatory bodies.
Lawrence Churchill, FSCS chairman, said the pair’s wealth of experience would benefit both consumers and the firms to whom the scheme is accountable.
McKenna and Glen join as Ros Reston and Tony Ashford depart the FSCS board.
Last week the FSA announced it was consulting further on FSCS funding having listened to industry concerns on the subject.
The regulator said its proposals put forward in July 2012 to maintain existing funding classes but use new annual thresholds based on affordability are to be adopted when the FSA is replaced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on 1 April.
But it is also proposing setting up a retail pool – a collective resource funded by intermediaries and investment providers – which would be triggered if one or more of those classes reached their threshold.
This proposal has been met with concerns by the industry, leading the FSA to consult for a further month on it.
To see the full consultation paper and submit your response, click here.
