Elizabeth Passey has been announced as the new chair of the Financial Services Compensation Scheme’s (FSCS) board.

She is starting in the role from today (1 October) after her appointment by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Over a 30-year career, Passey has held senior positions with J. Stern & Co., Investec Asset Management and Morgan Stanley. She also recently completed two terms as chair of the Rural Payments Agency, and as convener of the University of Glasgow.

Commenting on her appointment, Passey said the FSCS “provides trust in financial services”.

“It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest,” she added.

“I’m looking forward to working with the other directors and the executive team to help the FSCS continue its evolution as a compensation scheme, so that it can best protect consumers in the years ahead.”

Passey is succeeding Marshall Bailey, who is stepping down after serving two terms as FSCS chair.

Bailey said: “I have been proud to serve as chair of the FSCS over the last six and a half years, during which time we have significantly transformed the organisation. The levels of consumer protection have been more clearly defined, with the FSCS continuing to play an important role in UK society by providing robust protection for consumers of regulated financial services.

“The incoming chair will bring excellent experience to a group of dedicated executive leaders and board members, and I wish her every success.”

The FCA’s senior independent director, Richard Lloyd, who was on the selection panel added: “Elizabeth will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her. I want to thank Marshall for his impressive leadership over the last six years, a period of significant change for the FSCS.”

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