Financial Services Compensation Scheme chief executive Mark Neale will depart his role in May next year.
Neale has held the position at the top of the lifeboat fund since May 2010 and is leaving to pursue “new challenges” when his third three-year term ends.
He says: “I haven’t taken this decision because of any diminished commitment to FSCS. I still find every day just as engaging as my first back in May 2010. But I think it is the right time to move on. I firmly believe that any organisation needs new leadership after nine years and I have decided to stand down when my third, three year term as a Director comes to an end.”
Neale has a long career in the civil service, serving in a number of roles including as a director general at HM Treasury and the Home Office.
In a joint statement, FCA chair Andrew Bailey and Prudential Regulation Authority chief executive Sam Woods say: “Mark deserves great credit for his leadership of FSCS and for his clear thinking on financial services compensation. He has led the FSCS through a period of fundamental change which has transformed its role.”
Speaking to Money Marketing in July, Neale said his focus was on boosting confidence in the scheme as talks swirl around changes to levies.
He said: “I attach a lot of importance to retaining the support of the industry; we are here fulfilling a purpose on their behalf and it is important the industry feels that the way we raise levies is fair.”
Neale also confirmed his support of risk-based levies and the regulator’s moves to gather information on investment trends.
He said: “Firms that are dealing with riskier products or are engaged in risky areas of advice like defined benefit transfers pay a higher levy to reflect the extra risks that they pose.”
Recruitment agency Odgers Berndtson is working with the FSCS to appoint a replacement for the chief executive position. Any appointment will also require the approval of the FCA, the PRA and HM Treasury.