Financial Services Compensation Scheme  

FSCS restructure sees longest-serving executive exit

FSCS restructure sees longest-serving executive exit

The Financial Services Compensation Scheme is undergoing a restructure which will see its longest-serving senior executive exit after 20 years at the lifeboat body. 

In an update published today (April 16) the industry-funded compensation scheme announced it was restructuring parts of its organisation in a bid to "bring together closely related business activities and enable better operational focus". 

The restructure sees the creation of a chief counsel team, which will merge together legal and recoveries, company secretariat and quality assurance. 

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Caroline Rainbird, chief executive of the FSCS, said she was confident the new structure would allow the FSCS to better its service to customers and industry stakeholders. 

Under the changes the FSCS's stakeholder relations, public affairs, regulatory policy, international liaison and research and public relations teams will be merged into a new single body. 

The restructure also sees the scheme's longest-serving senior executive, chief corporate affairs officer Alex Kuczynski, leave after 20 years. 

Ms Rainbird said: "Alex made an immeasurable contribution not only to the life of FSCS but to the wider regulatory family and beyond.

"He led FSCS's responses to major financial services failures across many sectors, including the 2008 financial crisis.

"Internationally, Alex represented FSCS and the UK financial authorities, and was a highly-active and well-regarded contributor to several international stakeholder bodies."

Mr Kuczynski, who also sat on the FSCS's board of directors, said: "It has been a pleasure and a privilege to work at the scheme.

"FSCS fulfils an important role in protecting the consumer and is able to make a difference for good for so many people every day. 

"I know that going forward the scheme will continue to deliver, overcoming whatever challenges might arise, and exceed expectations." 

The restructure will have no effect on the adviser levy, which is set by the Financial Conduct Authority. However, earlier this year the chairman of the FSCS, Marshall Bailey, told FTAdviser he was open to a review of the scheme's current levy structure as it was a chance to "work with parties who have a significant role to play".

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