The Financial Services Compensation Scheme (FSCS) has appointed Martyn Beauchamp to be its interim CEO.
Beauchamp, who will also join the board as an executive director, will start immediately in this new role.
Beauchamp has worked in a range of senior financial services roles over the past 20 years, most recently as a non-executive director of the Charities Aid Foundation Bank.
He was previous the CEO of Sainsbury’s Bank from 2015 to 2017 and international director of Tesco Bank and has has held senior roles at The National Commercial Bank, the largest bank in the Middle East by assets, Apax, the Dutch payment system and GE Capital.
Beauchamp also works as a strategic adviser to CandidateX a diversity, equity and inclusion tech start-up.
The appointment was recommended by the FSCS Board, and he was appointed by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) before approval by HM Treasury.
FSCS chair Marshall Bailey says: “[Beauchamp]’s appointment comes at a pivotal time for FSCS and financial services as we find ourselves engaged in many important discussions about the future of regulation, looking at how we can best meet the needs of consumers, and all our stakeholders, in an ever-changing and complex industry.”
The previous CEO Caroline Rainbird left the FSCS in June. Since then Fiona Kidy, the FSCS’s chief financial officer has led the FSCS while it searched for a successor.
This is an interim appointment with the FSCS saying that the recruitment of a permanent CEO will begin in April 2024, following the appointment of a new chair for the organisation. Bailey adds: “I would also like to thank Fiona Kidy who stepped up to lead the organisation whilst we appointed an interim CEO, ensuring the vital work that FSCS does continued uninterrupted over the summer.”
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