The Financial Services Compensation Scheme (FSCS) has announced the departure of its chief executive officer, Caroline Rainbird.

Chief financial officer, Fiona Kidy, has agreed to step up to lead the organisation while it starts a search for a successor.

The FSCS is the UK’s compensation scheme that protects customers of authorised financial services firms if they fail or have stopped trading and can pay compensation if an authorised firm is unable to pay back money it owes its customers.

It is funded by a levy on firms authorised by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), and the scheme’s levy forecast for 2023/24 was recently revised to £270m.

Commenting on her departure from the FSCS, Rainbird said: “I have thoroughly enjoyed my time working at FSCS. FSCS has a great team of people doing very important work, and I would like to wish them and the Board every success for this next step in their journey.”

Chair of the FSCS, Marshall Bailey, added: “We are thankful for the progress that FSCS has made since 2019. Caroline has led the organisation through a series of considerable external challenges, while ensuring that it continues to deliver an excellent service for customers.

“She has also helped to develop a stronger understanding of our role in building confidence in the financial services industry. We wish Caroline every success in the future.”

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