Former RBS executive, Caroline Rainbird is set to become the Financial Services Compensation Sheme’s new chief executive.
With a career spanning 30 years within the financial services sector, encompassing senior regulatory, strategic, commercial, operational, investment banking, and client led roles, Rainbird brings experience on a global level to the FSCS.
She will take up the position on 4 May 2019, a day after outgoing chief executive, Mark Neale leaves.
The appointment has been made by the Financial Conduct Authority and the Prudential Regulation Authority, who had representatives on the recruitment panel, and approved by HM Treasury.
“World class leader”
Marshall Bailey, FSCS chairman said: “It is a testament to the standing and reputation of the FSCS that we have been able to attract a world class leader like Caroline. Her array of financial services experience, understanding of the regulatory landscape and passion for the consumer meant she was the obvious candidate. Her industry pedigree will particularly help our work on tackling the causes of compensation and improving fairness for all consumers.”
“Building on the outstanding work of Mark Neale I’m confident that she will successfully lead the delivery of our strategy for the 2020s and I look forward to working with her.”
Rainbird commented: “Throughout my career I’ve been passionate about helping consumers and so I’m thrilled to be joining the FSCS. The Scheme plays a crucial role in helping people when their financial service providers fail, putting them back on track and building confidence in the sector.”
“The strategy for the 2020s represents an exciting opportunity to build on this great work by protecting consumers when they need it, increasing their understanding of the full range of protection available, and working with partners to prevent future failures from occurring in the first place.”
Andrew Bailey, chief executive of the FCA and Sam Woods, deputy governor of Prudential Regulation and chief executive of the PRA, commented: “Caroline brings considerable financial services experience to the role of CEO of the FSCS. The FSCS is an important part of the regulatory structure and we look forward to working with Caroline in her new role.”
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