The FCA and PRA have appointed Marshall Bailey as chairman of the Financial Services Compensation Scheme.
Bailey joins from UK Financial Investments, where he is a non-executive director.
He is also a non-executive director at Chubb European Group and CIBC World Markets.
Bailey succeeds Lawrence Churchill, who is stepping down after two terms.
FCA executive director of strategy and competition Christopher Woolard says: “Marshall Bailey was selected from a strong field of potential candidates by a panel comprising members of the PRC, FCA and FSCS boards.”
Bailey takes up his new role from 1 April.
He says: “I am delighted to be joining the FSCS as its new chairman.”