Former RBS executive set to become the next CEO of the Financial Services Compensation Scheme (FSCS)
Caroline Rainbird (pictured) has worked in financial services for 30 years in a variety of roles, including senior positions at RBS between 2009 and 2017.
Current CEO Mark Neale's last day will be 3 May 2019, with Rainbird's appointment taking effect the next day on a three-year contract.
Last October it was announced that Mark Neale would step down after three terms and nine years at the FSCS. Neale joined the lifeboat fund in may 2010 after a Civil Service career that saw him serve as director general at HM Treasury and the Home Office.
In one of his final speeches as chief executive, Neale said guiding consumers towards simple, good value financial products would reduce the risk of mis-advising consumers. He proposed financial advisers should be barred from recommending products to mainstream investors outside of a protected boundary.
FSCS chairman Marshall Bailey said he is confident Rainbird will "successfully lead" the delivery of the FSCS's strategy into the 2020s.
"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," he said.
"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."
Rainbird added: "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."
She continued: "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."
‘The Orange Table’
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