The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have appointed Martyn Beauchamp as the new chief executive officer (CEO) of the Financial Services Compensation Scheme (FSCS).

He has served as interim CEO at the scheme since October 2023 after replacing Elizabeth Passey, and has overseen the FSCS’ transition to a new operating model.

Beauchamp has worked in the financial services industry for over two decades, having held CEO and executive leadership roles for a number of organisations including GE Capital and Tesco Bank, working across the UK, EU, Middle East and Asia.

Deputy governor of prudential regulation and CEO at the PRA, Sam Woods, and CEO at the FCA, Nikhil Rathi, said in a joint statement: "Beauchamp is a highly experienced candidate, and has already made a meaningful impact as the FSCS’ interim CEO. We are excited to continue working with him."

Beauchamp added: "FSCS puts customers back on track when their financial services firm fails, helping to build trust and stability in the UK financial services system and supporting long term sector growth. This is a mission I’m proud to now lead as FSCS’ CEO - and I look forward to working closely with the FSCS team, the financial services industry and our regulators to achieve it."

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