Context
The FCA and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the FSCS Board. She will take up the role on 1 October 2024.
Key points to note and next actions
- Over a 30-year career, Elizabeth held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley. She recently completed 2 terms as Chair of the Rural Payments Agency, and as convener of the University of Glasgow.
- The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Elizabeth Passey succeeds Marshall Bailey OBE, who is stepping down after 2 terms as FSCS Chair.
- The FCA’s senior independent director, Richard Lloyd OBE, who was on the selection panel commented that Passey “…will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her.” He went on to thank the outgoing Chair for his “…impressive leadership over the last six years, a period of significant change for the FSCS.”
- Commenting on her appointment, Passey said that she was delighted to be joining FSCS as its new Chair, adding that the FSCS “…provides trust in financial services, and this is arguably more important than ever. It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest.”