UK financial services has another senior regulatory figure as Elizabeth Passey is appointed Chair of the Financial Services Compensation Scheme (FSCS) board.
Passey was appointed to the role after consideration by a selection committee consisting of the FCA Board and the Prudential Regulation Committee (PRC), approved by HM Treasury.
She will succeed Marshal Bailey OBE as FCSC Chair on 1 October. As its name suggests, the FSCS oversees the compensation scheme for financial services customers, and can pay compensation if a firm is unable to pay claims against it.
Passey remarked: “I am delighted to be joining the FSCS as its new Chair. The FSCS provides trust in financial services, and this is arguably more important than ever. It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest.
“Marshall and the FSCS’ board have directed the organisation through a significant change to its work, with a steep rise in complex claims over the last six years.
“I’m looking forward to working with the other directors and the executive team to help the FSCS continue its evolution as a compensation scheme, so that it can best protect consumers in the years ahead.”
Banks are subject to a range of regulatory requirements relating to the FSCS remit, such as ensuring the integrity of critical information for the scheme’s purposes. Failure to adhere to such requirements has led to enforcement actions in the past, such as against HSBC in January this year.
FCA Senior Independent Director, Richard Lloyd OBE, said: “Elizabeth will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her.
“I want to thank Marshall for his impressive leadership over the last 6 years, a period of significant change for the FSCS.”
