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Former RBS executive appointed FSCS chief exec

Caroline Rainbird

The Financial Services Compensation Scheme has announced former Royal Bank of Scotland executive Caroline Rainbird will replace Mark Neale as its chief executive.

Rainbird has held a variety of executive positions across regulatory, operational, investment and banking roles, including head of regulatory affairs with RBS between 2009 and 2017.

She will assume the chief executive position at the FSCS on 3 May following Neale’s departure.

FSCS chair Marshall Bailey says:  “It is a testament to the standing and reputation of the FSCS that we have been able to attract a world class leader like Caroline. Her array of financial services experience, understanding of the regulatory landscape and passion for the consumer meant she was the obvious candidate.

“Her industry pedigree will particularly help our work on tackling the causes of compensation and improving fairness for all consumers.”

Commenting on her appointment, Rainbird says: “The strategy for the 2020s represents an exciting opportunity to build on this great work by protecting consumers when they need it, increasing their understanding of the full range of protection available, and working with partners to prevent future failures from occurring in the first place.

“Throughout my career I’ve been passionate about helping consumers and so I’m thrilled to be joining the FSCS. The scheme plays a crucial role in helping people when their financial service providers fail, putting them back on track and building confidence in the sector.”

The appointment has been confirmed by both the FCA and the Prudential Regulation Authority.

FCA chief executive Andrew Bailey says: “Caroline brings considerable financial services experience to the role of chief executive of the FSCS. The FSCS is an important part of the regulatory structure and we look forward to working with Caroline in her new role.”

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Comments

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

  1. Alasdair Sampson 15th April 2019 at 10:27 am

    Well, if anyone knows about failure of financial firms and the role of non compliance in such failure it would be someone from RBS.

  2. Memo to Ms Rainbird – and to your peers at the FCA and FOS: please start by booting everyone out of the ivory tower that they have so carefully constructed for their own benefit.
    Then, please adopt a culture centred on results that matter to the public that you are all supposed to serve and protect, and then make all staff accountable.
    Finally, stop the box-ticking culture as it’s a waste of money and is meaningless to everyone except yourselves; it simply distracts you from the important stuff.
    Those four things alone would make a world of difference.

  3. At least she’ll be familiar with complaints and compensation procedures!!

  4. A fox in the chicken coop?

  5. Well the ability to actually do the job is irrelevant really the same as industry history and experience.

    Just have to love / admire, all the comments “we look forward to working with you / you will bring valuable experience” etc etc etc,
    Thinly veiled attempts, bullies often say, when we all know what is really being said ” do as we tell you, don’t think for yourself and you should be fine”

    You will soon forget (I give it about a month) your comment….
    “Throughout my career I’ve been passionate about helping consumers and so I’m thrilled to be joining the FSCS. The scheme plays a crucial role in helping people when their financial service providers fail, putting them back on track and building confidence in the sector.”

    You have to remember its the consumer who really foots the bill, FCA, FSCS, FOS, when a business fail’s…so you are not really helping them

    Still Caroline, look on the bright side, don’t think for yourself, do as your told, collect your pay slip, its a short term gig then you can have a gold plated wave goodbye. (paid for by the consumer, that you are so looking forward to helping)

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