The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) today announce the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme Ltd (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. Marshall Bailey succeeds Lawrence Churchill who is stepping down after two successful terms as Chair.
Marshall 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. In addition, Marshall is currently a non-executive Director at Chubb European Group and CIBC World Markets in the UK.
The FCA’s Executive Director of Strategy and Competition Christopher Woolard, who chaired the selection panel, commented:
'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.'
Commenting on his appointment, Marshall Bailey said:
'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. 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.'
Lawrence Churchill, Chair, commented:
'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.'
Notes to editors
- The FCA and the PRA are required by the Financial Services and Markets Act 2000 (FSMA) to appoint the Chair of the FSCS, with the appointment being approved by HM Treasury.
- Marshall Bailey has held senior positions at RBC Capital Markets and State Street Bank & Trust. He has worked on issues around financial reform and conduct, most recently on the Board of UKFI Ltd and as a member of the Market Practitioners’ Group for the FX Global Code of Conduct. In addition to UKFI, Marshall is currently a non-executive Director at Chubb European Group and CIBC World Markets in the UK, and on the volunteer board of the CFA Society of the UK.
- On the 1 April 2013, the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[1].