The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced the appointment of Marshall Bailey as chair of the Financial Services Compensation Scheme (FSCS) with effect from 1 April 2018.
The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Bailey succeeds Lawrence Churchill who is stepping down after two terms as chair.
Bailey has worked in financial services for over two decades, and has held senior positions in a number of firms. He has worked on issues around financial reform and conduct, most recently on the Board of UKFI. Prior to that he served almost two terms as president of ACI – The Financial Markets Association, the first paid president of that body.
He is also currently a non-executive director at Chubb European Group and CIBC World Markets in the UK.
“We have conducted a thorough recruitment process to identify the most suitable person to become the next Chair of the FSCS.” Says Christopher Woolard, executive director of strategy and competition at the FCA. “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.”
Baliey adds, “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, as they inevitably do.”