Fortnightly financial five minutes #32 Martyn Beauchamp
Nigel Yeates, Communications and Stakeholder Business Partner, speaks to our Interim CEO Martyn Beauchamp about his initial impressions of FSCS since joining in October 2023 and his priorities looking forward.
What has been the biggest surprise about the work FSCS does?
The sense of purpose that runs through the organisation like electricity has been wonderful to experience. FSCS puts customers back on track when their authorised financial services firm fails – which means we have a deep and meaningful impact on people’s lives.
This inspires everyone who works at FSCS and shows up every day in the resourcefulness we demonstrate and the discretionary effort we’re all prepared to put in to get things done. I’ve never experienced a universal sense of purpose like this before. It’s remarkable.
What would be your key message to consumers thinking about bringing a claim to FSCS?
I’d highlight three key messages. Firstly, come to us directly. Our service is completely free to you. You don’t need to use a third party, who may charge you for their services.
Second, you can save valuable time and avoid unnecessary delays by gathering as much key paperwork as you can prior to submitting your claim. The Making a claim section of our website will tell you more about how to prepare.
And thirdly, you’ll find us a friendly, supportive and knowledgeable bunch. We’re on your side and we are experts at what we do – that’s an important combination that will give you confidence as your claim progresses.
What are your key messages to the industry levy payers that fund our service?
We wouldn’t be able to fulfil our purpose to put customers back on track when their financial firm fails without the financial support of the industry. We’re very conscious of this dynamic at FSCS and ensure we reflect our responsibilities to levy payers in every decision we take across the organisation. We work tirelessly to drive efficiencies through our operations so we can demonstrate value for money to those who fund our work – and we intend to continue this into 2024/25.
Where do you see the organisation's attention being focused in 2024?
Our principal jobs are to protect the customers that come to us today and to ensure we’re ready for what’s around the corner. Depositor protection will remain a focus and we’ll continue to manage the increasingly complex pensions and advice claims that are now an established feature of our claims handling work.
Looking ahead, like all responsible organisations, we intend to strengthen our future fitness. This means building our claims handling capability, improving our customer experience, delivering repeatable value for money for our levy payers and creating an environment in which our people can thrive. As Interim CEO, it’s my job to ensure we strike an effective balance between managing our day-to-day activities and preparing for the future.
And finally, on a more personal note, a question we ask most of our guests: if £10,000 landed in your lap tomorrow, what would you do with it?
Give it to my brother, a primary school teacher, whose car has just been consigned to the junkyard. He’s pretty down about it, as you can imagine.
Thanks so much for those insights Martyn.
For more information on what FSCS protects, see our What we cover page.
The content of any discussions shouldn't be taken as an indication of future FSCS policy positions.
We would love everyone to dedicate a regular extra five minutes to check their financial products and services are FSCS protected.