Former RBC Capital Markets boss Marshall Bailey has been appointed chair of the Financial Services Compensation Scheme (FSCS).
Bailey replaces Lawrence Churchill, who will step down following two terms in the role in April.
During Churchill’s tenure, the FSCS paid over £1.8 billion in compensation to customers and recovered £13.2 billion from the estates of failed firms.
Bailey has over 25 years’ experience working in capital markets and financial institutions, and has worked in Canada, Japan and Switzerland as well as the UK.
He spent 14 years in senior positions at Royal Bank of Canada (RBC) before moving to State Street, where he was chief operating officer, and is currently a non-executive director at Chubb European Group and CIBC World Markets in the UK.
Marshall said: ‘The FSCS is a critical component of the UK’s regulatory infrastructure, and vital to the trust we place in our financial system.
‘The work previously done by Lawrence and the FSCS board has been excellent, and I thank them for the work they have done to provide a resilient platform through a difficult period.
‘Mark Neale and the executive team are deeply dedicated to ensuring that this continues, and that consumers, especially vulnerable ones, are protected.’