The Financial Services Compensation Scheme (FSCS) has appointed Loretta...
The Financial Services Compensation Scheme (FSCS) has appointed Loretta Minghella to the post of chief executive. She will take up her position in December.
FSCS chairman Nigel Hamilton said: “I am delighted that Loretta has been appointed. She has an impressive background in law, regulation and consumer protection and will be a real asset to the Scheme. Our work has changed dramatically in the three years since we became the single compensation body in December 2001 and I am sure more challenges are to come.
"I have every confidence that Loretta will guide FSCS through whatever lies ahead, and will ensure that we continue to provide an effective and efficient service.”
Loretta Minghella said: “FSCS plays a vital role in protecting consumers who have nowhere else to turn and in helping to maintain confidence in our financial markets.
"The Scheme is under increasing pressure from rising claims, particularly in relation to investment business. It is also preparing for its new responsibilities for potential claims against mortgage and general insurance intermediaries. The Scheme needs to ensure that consumers receive compensation in a reasonable timescale and that costs are kept as low as
possible for firms that fund the Scheme. I am looking forward very much to taking on the challenges of this important role.”
