Outgoing chief executive of the Financial Services Compensation Scheme Loretta Minghella has been awarded an OBE for services to the financial services industry in the Queen’s New Year’s honours list.
Minghella is leaving the FSSC in the spring after five years in the role.
Other members of the financial services industry to be awarded honours include Pension Protection Fund chairman Lawrence Churchill who gets a CBE and Pensions Advisory Service chair Margaret Snowdon who was awarded an OBE.
A number of Department for Work and Pensions staff were honoured, including director of planning for retirement and older people Caroline Mary Rookes who received a CBE.
CBEs were awarded to former HSBC deputy chairman and chief executive of HSBC Dyfrig Dafydd Joseff John and former chairman of National Savings and Investments Paul Spencer. Former Financial Reporting Council chief executive Paul Vincent Boyle received an OBE.
Syndaxi Chartered Financial Planning managing director Rob Reid says: “I think it is an outdated system and has become a reward for long service. It should be recognising people who have gone beyond the call of duty rather than those who have done what they are paid to do.”