Marshall Bailey has been proclaimed as the next chair of the Financial Services Compensation Scheme (FSCS).
Yesterday, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) said that Bailey is scheduled to take up the said post in April.
Bailey will be the successor of Lawrence Churchill, who will step down later this year following six years of being in charge.
Previously, Bailey has spent 14 years in senior roles at RBC Capital Markets, where he headed the global coverage of the clients of central banking. He is also currently serving as a non-executive director at Chubb.
Bailey stated: “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.”
The Financial Services Compensation Scheme was established in 2000 and has been headed by Lawrence Churchill for two terms.