The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have appointed of a new chairman of the Financial Services Compensation Scheme (FSCS).
Marshall Bailey, a non-executive director at Chubb European Group and CIBC World Markets, will succeed current chairman Lawrence Churchill as of 1 April 2018, who is stepping down after six years at the helm.
Bailey previously served on the board at government investment company UK Financial Investments, and has spent over twenty years in financial services, working on a number of issues around culture and conduct.
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 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.'
Departing chairman Churchill said: 'I have been proud to serve as chair of the FSCS over the last six years, during which time we have paid over £1.8 billion in compensation to customers who have lost out and recovered £13.2 billion from the estates of failed firms including those who failed during the financial crisis and subsequently.'