New chair of the FSCS announced

Marshall Bailey has been appointed as chair of the Financial Services Compensation Scheme (FSCS), with effect from April 1 2018.

New chair of the FSCS announced

The appointment was made by the Financial Conduct Authority (FCA) board and the Prudential Regulation Authority (PRA) committee with the approval of the Treasury.

Bailey, who succeeds Lawrence Churchill, has worked in financial services for more than two decades and held senior positions in a number of firms, including RBC Capital Markets and State Street Bank & Trust.

He has worked on issues around financial reform and conduct, and is currently a non-executive director at Chubb European Group and CIBC World Markets in the UK.

Christopher Woolard, executive director of strategy and competition at the FCA, 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.”

Churchill said: “I have been proud to serve as chair of FSCS over the last six years, during which time we have paid over £1.8bn in compensation to customers who have lost out and recovered £13.2bn from the estates of failed firms including those who failed during the financial crisis and subsequently. This includes the Icelandic banks and Bradford & Bingley.” 

Bailey added: “I am delighted to be joining the FSCS as its new chair. The FSCS is a critical component of the UK’s regulatory infrastructure, and vital to the trust we place in our financial system.”