The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Martyn Beauchamp (pictured above) as chief executive officer of the Financial Services Compensation Scheme (FSCS).
Beauchamp has served as interim CEO of the FSCS since October 2023, during which time he oversaw the organisation’s transition to a new operating model. Prior to joining the FSCS, Beauchamp held leadership roles in financial services for more than 20 years.
Beauchamp began his financial services career at GE Capital, spending 11 years with the firm before being appointed to his first CEO role in 2004. He went on to lead financial services businesses across the UK, EU, Middle East and Asia at organisations including Tesco PLC and Sainsbury’s PLC.
His experience also includes CEO and executive positions at several financial services firms, including GE Capital and Tesco Bank, with responsibilities spanning the UK, EU, Middle East and Asia.
The FSCS operates as a statutory compensation scheme for customers of FCA and PRA-authorised financial services firms in the UK that are unable, or likely to be unable, to meet claims against them.
It provides compensation across a range of financial products, including deposits, insurance, payment protection insurance (PPI), debt management, funeral plans, mortgages, pensions and investments.
In a joint statement, Sam Woods, deputy governor of prudential regulation and CEO of the PRA, and Nikhil Rathi, CEO of the FCA, said Beauchamp is a highly experienced candidate who has already made a meaningful impact during his time as interim CEO.
The appointment was approved by the Treasury following its selection by the Prudential Regulation Committee and the FCA Board. Beauchamp will immediately assume the permanent roles of FSCS CEO and executive director of the FSCS Board.
Beauchamp’s appointment follows the recent appointment of Elizabeth Passey, who became chair of the FSCS board on October 1, 2024.
Last month, the regulator body also reiterated its commitment to regulatory reform, consumer protection and industry growth during a roundtable at the Association of British Insurers (ABI).
What are your thoughts on this story? Please feel free to share your comments below.
