Martyn Beauchamp, director of a UK charities bank, has been named interim chief executive of the Financial Services Compensation Scheme.
Beauchamp, a non-executive director of CAF Bank, has also joined the FSCS board as an executive director.
The appointment is on an interim basis and will begin on October 18.
According to the FSCS, Beauchamp is an “experienced leader” who has led listed, private and state-owned financial services businesses across Europe, the Middle East and Asia.
Operating as a senior executive over the last 20 years, he has worked with regulators and governments in the UK and globally.
Marshall Bailey, FSCS chairman, said: "The board and I recommended Martyn for the role of interim CEO as he brings both extensive financial services experience and a real passion for good outcomes, with an eye on the impact on trust in financial services, which is at the core of what FSCS does.
“Martyn’s appointment comes at a pivotal time for FSCS and financial services as we find ourselves engaged in many important discussions about the future of regulation, looking at how we can best meet the needs of consumers, and all our stakeholders, in an ever-changing and complex industry.”
According to our sister title the Financial Times, there were disagreements between regulators and HM Treasury over the interim appointment.
The Treasury reportedly pushed for another candidate, a woman, who was among the final two but who was not the preferred choice of the FCA and Prudential Regulation Authority, which approve FSCS appointments.
The FSCS was previously led by Caroline Rainbird until her sudden resignation in June.
Rainbird joined the FSCS from Royal Bank of Scotland where she was managing director of regulatory affairs until 2017.
Beauchamp’s appointment was recommended by the FSCS board, and he was appointed by the Financial Conduct Authority and the Prudential Regulation Authority before approval by HM Treasury.
Nikhil Rathi, the chief executive of the FCA, said: “The FSCS plays an important role in the regulatory landscape. We look forward to working closely with Martyn during his time at the organisation.”
The recruitment of a permanent chief executive will start in line with the next FSCS chair’s first term, which is expected to begin in April 2024.
amy.austin@ft.com
