Elizabeth Passey appointed chair of Financial Services Compensation Scheme

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as chair of the Financial Services Compensation Scheme’s (FSCS) board.

Passey, who will take up the new role tomorrow (1 October 2024), has held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley, across a 30-year career.

She recently completed two terms as chair of the Rural Payments Agency, and as convener of the University of Glasgow.

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The appointment was made by the FCA board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury.

Passey succeeds Marshall Bailey OBE, who is stepping down after two terms as FSCS Chair.

“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,” said FCA senior independent director Richard Lloyd OBE.

“I want to thank Marshall for his impressive leadership over the last 6 years, a period of significant change for the FSCS.”

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Passey said: “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.

“Marshall and the FSCS’ board have directed the organisation through a significant change to its work, with a steep rise in complex claims over the last 6 years. 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.”

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