Financial Services Compensation Scheme chief executive Mark Neale will depart his role in May next year.
Neale has held the position since May 2010 and is leaving to pursue “new challenges” when his third three-year term ends.
He says: “I haven’t taken this decision because of any diminished commitment to FSCS. I still find every day just as engaging as my first back in May 2010. But I think it is the right time to move on. I firmly believe that any organisation needs new leadership after nine years and I have decided to stand down when my third, three year term as a Director comes to an end.”
Neale has a long career in the civil service, serving in a number of roles including as a director general at HM Treasury and the Home Office.
In a joint statement, FCA chair Andrew Bailey and Prudential Regulation Authority chief executive Sam Woods say: “Mark deserves great credit for his leadership of FSCS and for his clear thinking on financial services compensation. He has led the FSCS through a period of fundamental change which has transformed its role.”
Recruitment agency Odgers Berndtson is working with the FSCS to appoint a replacement. Any appointment will also require the approval of the FCA, the PRA and HM Treasury.