Former RBS executive named new FSCS boss

Former RBS executive named new FSCS boss

A former Royal Bank of Scotland executive has been named as the new head of the Financial Services Compensation Scheme.

Caroline Rainbird will take over from Mark Neale when he stands down next month.

Ms Rainbird was previously managing director of regulatory affairs at RBS and before that was director of corporate services at the bank. She was previously employed at ABN Amro in several leadership roles, including chief financial officer.

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Marshall Bailey, the FSCS's 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."

Mr Neale's last day at the FSCS will be Friday May 3 and Ms Rainbird will begin her three-year term the following day. She will also join the FSCS board.

She said: "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."

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.