Caroline Rainbird to become the new CEO of the Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) has today (15 April) announced that former RBS and ABN AMRO executive, Caroline Rainbird, will become its next CEO.
Caroline brings a wealth of global experience from a career spanning 30 years within the financial services sector encompassing senior regulatory, strategic, commercial, operational, investment banking, and client led roles. Between 2009 and 2017 she held senior positions at RBS Plc working as Director of their Corporate Services Division and then as their Managing Director of Regulatory Affairs. From 1995 to 2009 she worked at ABN AMRO, undertaking a number of leadership and transactional roles within Group Shared Services, Finance, Change Management and Structured Finance.
Outgoing CEO Mark Neale’s last day will be 3 May 2019 and Caroline’s appointment takes effect from 4 May 2019 for a period of three years. She also joins the Board of FSCS.
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.
Marshall Bailey, FSCS Chairman, stated: “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.”
Caroline Rainbird, FSCS CEO Designate, 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, FCA and Sam Woods, the Deputy Governor of Prudential Regulation and CEO 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.”
For more information contact Suzette Browne at publicrelations@fscs.org.uk
Notes to editors
About Caroline Rainbird
Prior to joining the FSCS Caroline was Managing Director of Regulatory Affairs (2015-2017) at RBS Plc where she was responsible for defining and delivering the bank’s strategic and proactive engagement and profile with its global regulators, advising the Bank Board and Executive on its regulatory engagement and compliance, as well as monitoring bank-wide upstream regulatory risks and delivering mandatory regulatory change programmes.
Between 2009-2015 she was Director, Corporate Services Division, also at RBS Plc, where she was responsible for the global strategy, operations, service delivery, financial performance and risks of one of the largest cost areas within RBS with c. 2,000 employees across 40 countries and a direct cost budget of £2bn. Her portfolio of responsibilities included Property, Procurement, Security, Business Resilience, Environmental policy and Health and Safety.
Whilst at RBS Caroline was a member of their Sustainable Banking Committee, which had a specific strategic focus on culture, customer, people, brand and ESE areas and was selected to be an active member of the Boards of the Chartered Banker: Professional Standards Board and the BBA.
Between 1995 and 2009 she worked at ABN AMRO as Head of EMEA Structured and Project Finance Group (1995-2001), Executive Director, Business Manager to ABN AMRO Group CAO and CFO (2001-2003), and Executive Director Head of Investment Banking Change (2003-2004). Her final role at ABN AMRO was as Chief Financial Officer, Group Shared Services Division (2004-2009) where she was responsible for the effective and proactive management of the Shared Services’ global cost base.
She started her career with roles at HSBC and the Long-Term Credit Bank of Japan. Caroline holds a BA (Joint Hons.) in History & Economic & Social History from the University of Kent at Canterbury.
About FSCS
You can read more about FSCS on our Notes to editors page.
FSCS into the 2020s
FSCS into the 2020s: Protecting the Future was launched in November 2018 and is available here.