FSCS chair named

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have appointed a chair of the Financial Services Compensation Scheme (FSCS), with Marshall Bailey replacing Lawrence Churchill.

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Churchill is stepping down after serving two terms as chair over the last six years. During his tenure, more than £1.8bn in compensation was paid to customers who lost out, while £13.2bn was recovered from the estates of failed firms, including those who failed during the financial crisis and within the intervening years.

Bailey has worked in financial services for more than two decades, holding senior positions in a number of firms. He has worked on issues around financial reform and conduct, most recently on the board of UK Financial Investments (UKFI).

He is also currently a non-executive director at Chubb European Group and CIBC World Markets in the UK.

FCA executive director of strategy and competition, Christopher Woolard, who chaired the selection panel, said: “’We have conducted a thorough recruitment process to identify the most suitable person to become the next chair of the FSCS. Marshall Bailey was selected from a strong field of potential candidates by a panel comprising members of the PRC, FCA and FSCS Boards.

“Marshall brings a wealth of experience from the financial services industry and we look forward to working with him in his new role at the FSCS.”

Bailey said: “The FSCS is a critical component of the UK’s regulatory infrastructure, and vital to the trust we place in our financial system. The FSCS works closely with banks, insurers and building societies throughout Great Britain, as well as with providers of investment and pension advice. As with protection schemes throughout the world, the FSCS’s role as a ‘lifeboat fund’ protects our financial services customers when things go wrong.

“The work previously done by Lawrence and the FSCS board has been excellent, and I thank them for the work they have done to provide a resilient platform through a difficult period. Mark Neale and the executive team are deeply dedicated to ensuring that this continues, and that consumers, especially vulnerable ones, are protected.”

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