"Our rising levy reflects too many bad outcomes from unsuitable products and advice, and we must work to prevent this."
The three new appointments are Baroness Nicky Morgan, Cathryn Riley and Wendy Williams. Nicky and Wendy will be joining the Board on 1 September 2020, with Cathryn assuming her post on 1 February 2021.
Nicky Morgan began her political career as a Conservative MP for Loughborough in 2010. During her time in Westminster, she served as Secretary of State for Digital, Culture, Media and Sport and chair of the Treasury Select Committee between 2017 and 2019. She has also served as Education Secretary and Minister for Women and Equalities. A qualified solicitor, Nicky practiced corporate law before entering politics.
Cathryn Riley has previously held numerous executive roles at Aviva including group chief operating officer and group chief information officer. She has also been a board member of a number of insurance organisations.
Wendy Williams is currently HM Inspector of Constabulary and HM Inspector of Fire & Rescue Services. She has responsibility for 13 police forces across Wales and the West of England and 11 fire and rescue services in the West of England. She was previously a Chief Crown Prosecutor with the Crown Prosecution Service and a solicitor and partner in private practice. Most recently, in 2020 she published a report into the Windrush scandal following her review of the Home Office.
Marshall Bailey, chair of the FSCS, said: “We find ourselves facing challenges new to us all. Our rising levy reflects too many bad outcomes from unsuitable products and advice, and we must work to prevent this. In order to tackle and overcome these issues, and continue to drive our organisation forward, we need to ensure we maintain diversity of thought on our Board, because from resistance and challenge comes clarity and strength.
“I am extremely proud to announce these three new appointments and am excited to welcome them to the team.”
Caroline Rainbird, chief executive, added: “The work we do at FSCS is extremely important, not only to people who hold their money with regulated financial services providers but also in contributing to the financial stability of the UK. Each of these three new impressive individuals expressed a distinct understanding and appreciation for what we’re trying to achieve. I am confident that they will make important contributions, building on the fantastic work of our existing board members, as we move forward into an uncertain future.
“I look forward to working with them and for the oversight, foresight and insight they will bring with them.”
