"Throughout my career I’ve been passionate about helping consumers and so I’m thrilled to be joining the FSCS."
The Financial Services Compensation Scheme has announced that former RBS executive, Caroline Rainbird, will become its next CEO.
Caroline has 30 years of experience within the financial services sector. Between 2009 and 2017 she held senior positions at RBS including director of corporate services and managing director of regulatory affairs.
Prior to that, Caroline worked at ABN AMRO, undertaking a number of leadership and transactional roles within group shared services, finance, change management and structured finance.
Outgoing CEO Mark Neale will depart on the 3rd of May and Caroline’s appointment takes effect from the 4th of May for a period of three years.
The appointment was made by the FCA and the PRA, who had representatives on the recruitment panel, and has been approved by HM Treasury.
Marshall Bailey, FSCS chairman, said: “It is a testament to the standing and reputation of the FSCS that we have been able to attract a world class leader like Caroline. Her array of financial services experience, understanding of the regulatory landscape and passion for the consumer meant she was the obvious candidate. Her industry pedigree will particularly help our work on tackling the causes of compensation and improving fairness for all consumers.
“Building on the outstanding work of Mark Neale I’m confident that she will successfully lead the delivery of our strategy for the 2020s and I look forward to working with her.”
Caroline Rainbird commented: “Throughout my career I’ve been passionate about helping consumers and so I’m thrilled to be joining the FSCS. The Scheme plays a crucial role in helping people when their financial service providers fail, putting them back on track and building confidence in the sector.
“The strategy for the 2020s represents an exciting opportunity to build on this great work by protecting consumers when they need it, increasing their understanding of the full range of protection available, and working with partners to prevent future failures from occurring in the first place.”