The new FSCS chair, who is a non-executive director of a major European insurer, will take on the role from 1 April.

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced that Chubb European Group non-executive director Marshall Bailey will be chair of the Financial Services Compensation Scheme (FSCS), effective as of 1 April 2018.

Bailey succeeds Lawrence Churchill, who has served two terms as chair over the last six years, and who oversaw £1.8bn paid out to customers in compensation, and £13.2bn recovered from the estates of failed firms.

Bailey’s appointment, which was made my the FCA Board and the Prudential Regulation Committee (PRC), has been approved by HM Treasury.

The FCA’s executive director of strategy and competition Christopher Woolard, who chaired the selection panel, explained: ‘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. Bailey 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 has spent over two decades working in financial services, most recently on the board of UKFI. He is currently a non-executive director at CIBC World Markets in the UK, in addition to Chubb European Group.

Bailey said: “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 FSCS works closely with banks, insurers and building societies throughout Great Britain, as well as with providers of investment and pension advice. As with protection schemes throughout the world, the FSCS’s role as a ’lifeboat fund’ protects our financial services customers when things go wrong”

Bailey concluded, “The work previously done by Churchill 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.”