The Monetary Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as chair of the Monetary Providers Compensation Scheme’s (FSCS) board.
Passey, who will take up the brand new position tomorrow (1 October 2024), has held senior positions with J Stern & Firm, Investec Asset Administration and Morgan Stanley, throughout a 30-year profession.
She lately accomplished two phrases as chair of the Rural Funds Company, and as convener of the College of Glasgow.
Learn extra: Rebuildingsociety requires FSCS competitor for P2P lenders
The appointment was made by the FCA board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury.
Passey succeeds Marshall Bailey OBE, who’s stepping down after two phrases as FSCS Chair.
“Elizabeth will carry a wealth of expertise of monetary companies, public service and governance to the position and we sit up for working along with her,” stated FCA senior impartial director Richard Lloyd OBE.
“I need to thank Marshall for his spectacular management over the past 6 years, a interval of great change for the FSCS.”
Learn extra: FCA fines PwC over London Capital & Finance failures
Passey stated: “The FSCS gives belief in monetary companies, and that is arguably extra necessary than ever. It’s vital the organisation continues to supply a high-quality service that provides shoppers the arrogance to avoid wasting and make investments.
“Marshall and the FSCS’ board have directed the organisation by a major change to its work, with a steep rise in advanced claims over the past 6 years. I’m trying ahead to working with the opposite administrators and the manager staff to assist the FSCS proceed its evolution as a compensation scheme, in order that it will possibly greatest defend shoppers within the years forward.”
Learn extra: FCA scraps £10,000 compensation restrict