FSCS adds further strength to its Board with three Non-Executive Director appointments
Mr Marshall Bailey OBE, Chair of the Financial Services Compensation Scheme (FSCS) is today announcing the appointment of three new Non-Executive Directors to the FSCS Board.
The three new appointments are Baroness Nicky Morgan, Cathryn Riley and Wendy Williams. Nicky and Wendy will be joining the Board on 1 September 2020, with Cathryn assuming her post on 1 February 2021. Each have risen to prominence for their accomplishments in their respective fields and are united with FSCS’s passion for protecting the vulnerable through delivering effective change and providing good outcomes.
After a lengthy and in-depth interview process involving the FCA and PRA, Marshall is excited to bring his new board together to effectively oversee the delivery of the FSCS strategy and overcome any challenges it may encounter.
He adds that he believes the high calibre appointments demonstrate the “value and importance” of FSCS and the service it provides to people across the UK.
The news comes shortly after FSCS published its Annual Report and Accounts, which outlined the Scheme’s success and progress made against the four pillars in its ambitious strategy launched last year (entitled ‘FSCS into the 2020s: Protecting the future’). The four pillars are:
- Prepare – FSCS must be able to protect consumers in a crisis or in the event of major failures to maintain public confidence and financial stability.
- Protect – FSCS is known and trusted for protection that puts people back on track through outstanding customer experience.
- Promote – the full range of FSCS protection is known about and trusted.
- Prevent – FSCS collaborates with our regulatory and industry stakeholders to help prevent future failure and to reduce compensation costs.
Today, Marshall thanks the existing Board members for pushing boundaries and working closely with other financial industry groups and the FCA to help drive FSCS “to go further than it has ever gone before”. He also extends his respect and gratitude to FSCS CEO Caroline Rainbird who, together with the members of her Executive team, has made “stellar progress” against the strategy.
Marshall Bailey said: “We find ourselves facing challenges new to us all. Our rising levy reflects too many bad outcomes from unsuitable products and advice, and we must work to prevent this. In order to tackle and overcome these issues, and continue to drive our organisation forward, we need to ensure we maintain diversity of thought on our Board, because from resistance and challenge comes clarity and strength.
“I am extremely proud to announce these three new appointments and am excited to welcome them to the team.”
Caroline Rainbird, FSCS’s Chief Executive, said: “The work we do at FSCS is extremely important, not only to people who hold their money with regulated financial services providers but also in contributing to the financial stability of the UK. Each of these three new impressive individuals expressed a distinct understanding and appreciation for what we’re trying to achieve. I am confident that they will make important contributions, building on the fantastic work of our existing board members, as we move forward into an uncertain future.
“I look forward to working with them and for the oversight, foresight and insight they will bring with them.”
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Notes for Editors
Comments from the new appointments
Nicky Morgan added: “The FSCS plays a very important role in the UK’s financial services landscape and has risen impressively to the challenges of the past few months. I look forward to working with fellow directors and the Executive team as the FSCS continues to evolve over the years ahead.”
Cathryn Riley added: “I am delighted to be joining the FSCS Board. The Scheme plays a vital role in helping to prevent and protect consumers from business failure and in these unprecedented times, its role is more important than ever."
Wendy Williams added: “The FSCS plays an essential role in protecting consumers and maintaining confidence in the financial services sector and I have been impressed by its commitment to that mission. I am very much looking forward to working with my colleagues on the board and the wider organisation.”
Biographies of the new appointments
The Rt Hon Baroness Morgan of Cotes began her political career as a Conservative MP for Loughborough back in 2010. During her time in Westminster, she served as Secretary of State for Digital, Culture, Media and Sport from 24 July 2019 to 13 February 2020, Chair of the House of Commons Treasury Select Committee between 2017 to 2019 and Education Secretary and Minister for Women and Equalities from July 2014 to July 2016. She served as Assistant Whip in the coalition government until her appointment as Economic Secretary to the Treasury in October 2013. A qualified solicitor, Nicky practiced corporate law before entering politics.
Cathryn Riley is highly experienced in the Insurance and FS sector having previously held numerous executive roles at Aviva Plc including Group Chief Operating Officer and Group Chief Information Officer. She has also been a Board member of a number of Insurance organisations. Cathryn is currently a NED at AA Plc, International Finance Plc and Liberty Managing Agency Ltd.
Wendy Williams is HM Inspector of Constabulary, and HM Inspector of Fire & Rescue Services. She has responsibility for 13 police forces across Wales and the West of England and 11 fire and rescue services in the West of England. She was previously a Chief Crown Prosecutor with the Crown Prosecution Service and a solicitor and partner in private practice. Most recently, in 2020 she published a report into the Windrush scandal following her review of the Home Office.
About Marshall Bailey OBE
Marshall Bailey OBE assumed the role of Chair of the FSCS on 1 April 2018. Marshall has substantial experience in leading complex international committees and boards. His background spans a range of sectors, including banking, capital markets and government regulation. He has long been focused on ethical conduct in financial services. Marshall has served on a number of boards and is additionally Chairman of LCH Group Holdings and an iNED of London Stock Exchange Group, amongst others. He also volunteers as a Governor on the Board of the CFA Institute, which provides world-renowned education and standards for investment managers.
FSCS is the UK's statutory compensation scheme that protects customers of authorised financial services firms that carry out certain regulated activities. FSCS protects deposits, investment business, home finance (mortgage) advice, general insurance, insurance broking and debt management. FSCS can pay compensation if an authorised firm is unable to pay back money it owes its customers in connection with a regulated activity. FSCS was set up by Parliament in 2001 and is funded by the financial services industry.
Dealing with a Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) authorised firm that is carrying out certain authorised activities gives consumers access to the Financial Ombudsman Service (FOS) and FSCS. Consumers can check that the firm they are dealing with is authorised by using the FCA’s Financial Services Register.
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