FSCS to appoint Marshall Bailey as chair
Marshall Bailey has been appointed chair of the Financial Services Compensation Scheme with effect from 1 April.
Bailey has worked in financial services for over two decades, with his most recent roles being on the board of UK Financial Investments and acting as a non-executive director at Chubb European Group and CIBC World Markets in the UK.
Bailey is replacing Lawrence Churchill, who is stepping down after being chair since 1 April 2012.
The appointment was made by the Financial Conduct Authority board and the Prudential Regulation Committee.
Christopher Woolard, the FCA’s executive director of strategy and competition, 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.”
Bailey said: “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.”
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.”