The Financial Services Compensation Scheme has announced former Royal Bank of Scotland executive Caroline Rainbird (pictured) will replace Mark Neale as its chief executive.
Rainbird has held a variety of executive positions across regulatory, operational, investment and banking roles, including head of regulatory affairs with RBS between 2009 and 2017.
She will assume the chief executive position at the FSCS on 3 May following Neale’s departure.
FSCS chair Marshall Bailey says: “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.”
Commenting on her appointment, Rainbird says: “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.
“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 appointment has been confirmed by both the FCA and the Prudential Regulation Authority.
FCA chief executive Andrew Bailey says: “Caroline brings considerable financial services experience to the role of chief executive 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.”