The FCA and the Prudential Regulation Authority (PRA) have appointed Martyn Beauchamp as CEO of the Financial Services Compensation Scheme (FSCS).
Martyn has been interim CEO of the FSCS since October 2023, and during this time he has successfully overseen the FSCS’s transition to a new operating model. Prior to this, he worked in financial services for over twenty years. He has extensive experience in CEO and executive leadership roles for a wide range of financial services organisations including GE Capital and Tesco Bank, working across the UK, EU, Middle East and Asia.Sam Woods, deputy governor of prudential regulation and CEO of the PRA, and Nikhil Rathi, chief executive of the FCA said:‘Martyn is a highly experienced candidate and has already made a meaningful impact as the FSCS’s interim CEO. We are excited to continue working with him.’Commenting on his appointment, Martyn Beauchamp said:‘FSCS puts customers back on track when their financial services firm fails, helping to build trust and stability in the UK financial services system and supporting long term sector growth. This is a mission I’m proud to now lead as FSCS’s CEO – and I look forward to working closely with the FSCS team, the financial services industry and our regulators to achieve it.’This appointment was made by the Prudential Regulation Committee and the FCA Board with the approval of the Treasury. Martyn will take up the permanent roles of the FSCS CEO and executive director of the FSCS Board immediately.Martyn’s appointment follows on from Elizabeth Passey's appointment as chair of the FSCS board on 1 October 2024.Notes to editorsThe FCA and the PRA are required by the Financial Services and Markets Act 2000 (FSMA) to appoint the CEO of the FSCS, with the appointment being approved by His Majesty’s Treasury. The appointment must be on terms that secure appointees’ independence from the FCA and the PRA in the operation of the compensation scheme.The Board of the FSCS is responsible for ensuring that the compensation scheme is properly resourced and able to carry out itswork effectively and independently.Martyn Beauchamp has been the interim CEO at the FSCS since October 2023. He spent the first 11 years of his career at GE Capital, where he was appointed to his first CEO position in 2004, and went on to lead financial services businesses across UK, EU, Middle East and Asia for organisations including Tesco PLC and Sainsburys PLC.The FSCS was set up as a statutory compensation scheme for customers of FCA and PRA UK-authorised financial services firms that are unable, or likely to be unable to meet claims made against them. It can help with most financial products – including deposits, insurance, PPI, debt management, funeral plans, mortgages, pensions and investments.Find out more information about the FSCS.Find out more information about the FCA.Find out more information about the PRA.