Rogers was previously principal private secretary to former Prime Minister Tony Blair, private secretary to former Chancellor Kenneth Clarke and director of european policy and director of budget and tax policy at HM Treasury.
He joined Citi Group as a senior government banker for the UK in July 2006 and is a member of Citi Group’s UK banking and broking board.
Wallace was a chartered accountant at KPMG from 1971 to 2005, finishing as a vice chairman and chairman of the audit committee. His main specialism was corporate recovery, where he was the senior partner responsible for complex restructurings and insolvency.
Since his retirement Wallace has held a number of non- executive roles including the chairmanship of the Insolvency Services Steering Board which he took up in 2007.
The FSA has also confirmed the reappointment of David Hall as chairman of FSCS until March 31, 2012.
FSA chairman Adair Turner said: “We are pleased that Ivan Rogers and Phillip Wallace have been appointed to the FSCS board as non-executive directors. They bring with them experience in their fields which will greatly benefit the FSCS.
“We are also pleased that David Hall is remaining as FSCS chairman. He has done an outstanding job at the FSCS which has faced unprecedented pressures during the past year.”