Financial Services Compensation Scheme (FSCS) CEO Mark Neale has announced that he will step down from his position on 3 May 2019 after being in the organisation for nine years.

Neale told staff that he would stand down once his third, three year time as a director comes to an end next May, stating that: “I think it is the right time to move on.

“I firmly believe that any organisation needs new leadership after nine years. And I want to take on new challenges.”

Neale joined the FSCS in May 2010 following a career in the Civil Service. He held various roles within the organisation, including the position of director general at HM Treasury and the Home Office.

The search for his successor has now begun with the final decision to be made by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), along with approval from HM Treasury.

FSCS chair Marshall Bailey added: “Mark’s tenure at FSCS has seen striking changes in both FSCS’ own capability and in the depth of its relationships with the regulators, government and our partners in the financial services industry.

“Thanks to Mark and his team, FSCS is better prepared to deal with major failures and to support financial stability.

“It provides a better service to its customers, is better known by consumers and is more efficient. We wish him all the best as he prepares to write the next chapter in his distinguished career.”

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