The Monetary Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as chair of the Monetary Providers Compensation Scheme’s (FSCS) board.
Passey, who will take up the brand new function tomorrow (1 October 2024), has held senior positions with J Stern & Firm, Investec Asset Administration and Morgan Stanley, throughout a 30-year profession.
She lately accomplished two phrases as chair of the Rural Funds Company, and as convener of the College of Glasgow.
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The appointment was made by the FCA board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury.
Passey succeeds Marshall Bailey OBE, who’s stepping down after two phrases as FSCS Chair.
“Elizabeth will carry a wealth of expertise of monetary companies, public service and governance to the function and we sit up for working together with her,” stated FCA senior impartial director Richard Lloyd OBE.
“I wish to thank Marshall for his spectacular management during the last 6 years, a interval of great change for the FSCS.”
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Passey stated: “The FSCS gives belief in monetary companies, and that is arguably extra essential than ever. It’s critical the organisation continues to offer a high-quality service that offers customers the boldness to save lots of and make investments.
“Marshall and the FSCS’ board have directed the organisation by way of a big change to its work, with a steep rise in advanced claims during the last 6 years. I’m trying ahead to working with the opposite administrators and the chief group to assist the FSCS proceed its evolution as a compensation scheme, in order that it may well greatest shield customers within the years forward.”
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