The UK’s Financial Conduct Authority (FCA) has announced a key appointment to the Financial Services Compensation Scheme Ltd (FSCS). Marshall Bailey will be tapped as the group’s Chair, replacing Lawrence Churchill after a period of two terms in the role.
The FSCS operates as a watchdog authority, protecting consumers in the UK. The group has been instrumental in assisting affected investors with compensation since 2001, having solidified itself as one of the most trusted names in the UK.
The installment of Mr. Bailey as the Chair of the FSCS represents a new direction for the group, with Mr. Churchill relinquishing his role. Mr. Bailey’s term will begin on April 1, 2018, having been approved by HM Treasury as well as the FCA Board and the Prudential Regulation Committee (PRC).
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Mr. Bailey is no stranger to the financial services industry, having been a part of it for over two decades. This included senior level roles at RBC Capital Markets as well as State Street Bank & Trust. The industry veteran has worked on several issues that have emphasized financial reform and conduct making him ideally suited for the new chairmanship at the FSCS.
In addition, he has served on the Board of UKFI Ltd with memberships member at the Market Practitioners’ Group for the FX Global Code of Conduct. He is also currently a non-executive Director at Chubb European Group and CIBC World Markets in the UK, among other volunteer groups.
“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,” explained the FCA’s Executive Director of Strategy and Competition Christopher Woolard.
Mr. Bailey commented on the appointment: “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 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.”