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FSCS chief executive Mark Neale steps down

Mark-Neale-at-office-in-2014-700.jpgFinancial 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.”

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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.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Wonder if this is an opportunity for a reformer to step forward and fill his shoes? … I know, I know but hope is all I have!

  2. Thats his pension fund sorted then?

  3. History relates that the job will go to a ‘good old boy’ who knows how to play the game with a nod and a wink before retiring to green pastures fertilised by the salary, expenses and pension contributions funded by us bad old boys.

  4. It will be mighty interesting to see what the pay off & pension figures are?

    I doubt they will relate to anything like any other normal person leaving a job of their own accord after 9 years.

    Better leave my phone on just in case Odgers Berndtson are trying to call me!

  5. I have to be gracious, at first and admit, he has been on a hiding for nothing trying to do a job that flawed, broken and not fit for purpose !
    Any system that collectively punishes, and makes them (the many) financially accountable, for the wrong doing of the few or an individual, is a crime under the Geneva Convention act.

    On saying that…. I do believe we need the FSCS and it is right the consumer should have redress, however the whole system is broken from the PI market, the regulatory system to how redress is collected (collectively)from the industry and its clients !

    Questions that should be asked; Has Mark tried to alter or address any of the FSCS’s failings has he tried to address to financial strain on the industries clients who are indirectly paying for this in increased charges or has he just dished out money, collected his salary, bonus, pension and towed the line so he gets a first class ticket on the gravy train !!

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