FCA and PRA appoint new FSCS Chair

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as chair of the Financial Services Compensation Scheme’s (FSCS) board. She will take up the role on 1 October 2024.

Over a 30-year career, Elizabeth held senior positions with J. Stern & Co., Investec Asset Management and Morgan Stanley. She recently completed two terms as chair of the Rural Payments Agency, and as convener of the University of Glasgow.

The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Elizabeth Passey succeeds Marshall Bailey OBE, who is stepping down after two terms as FSCS chair.

The FCA’s senior independent director, Richard Lloyd OBE, who was on the selection panel commented:

"Elizabeth will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her. I want to thank Marshall for his impressive leadership over the last six years, a period of significant change for the FSCS."

Commenting on her appointment, Elizabeth Passey, said:

"I am delighted to be joining the FSCS as its new Chair. The FSCS provides trust in financial services, and this is arguably more important than ever. It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest.

‘Marshall and the FSCS’ board have directed the organisation through a significant change to its work, with a steep rise in complex claims over the last six years. I’m looking forward to working with the other directors and the executive team to help the FSCS continue its evolution as a compensation scheme, so that it can best protect consumers in the years ahead."

Marshall Bailey, current FSCS Chair, commented:

"I have been proud to serve as Chair of the FSCS over the last six and a half years, during which time we have significantly transformed the organisation. The levels of consumer protection have been more clearly defined, with the FSCS continuing to play an important role in UK society by providing robust protection for consumers of regulated financial services. The incoming chair will bring excellent experience to a group of dedicated executive leaders and board members, and I wish her every success."

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