The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Martyn Beauchamp as the permanent Chief Executive Officer (CEO) of the Financial Services Compensation Scheme (FSCS).

FSCS Appoints Permanent CEO After Interim

“FSCS puts customers back on track when their financial services firm fails, helping to build trust and stability in the UK financial services system and supporting long term sector growth. This is a mission I’m proud to now lead as FSCS’s CEO—and I look forward to working closely with the FSCS team, the financial services industry and our regulators to achieve it,” said Beauchamp, commenting on his appointment.

Beauchamp had been serving as interim CEO since October 2023. During this period, he managed the FSCS’s shift to a new operating model. Before joining the FSCS, Beauchamp spent over two decades in financial services. He held various CEO and executive roles at organizations such as GE Capital and Tesco Bank, working in regions including the UK, EU, Middle East, and Asia.

FSCS CEO Appointment Follows Recent Chair Selection

His appointment was confirmed by the Prudential Regulation Committee and the FCA Board, with the approval of the Treasury. Beauchamp assumes the permanent role of CEO and executive director of the FSCS Board immediately.

This appointment follows the recent appointment of Elizabeth Passey as chair of the FSCS board, effective 1 October 2024.

“Beauchamp is a highly experienced candidate and has already made a meaningful impact as the FSCS’s interim CEO. We are excited to continue working with him,” commented Sam Woods, deputy governor of prudential regulation and CEO of the PRA, and Nikhil Rathi, Chief Executive of the FCA.

FCA to Delete Emails After One Year

Meanwhile, the FCA has announced it will automatically delete all emails after one year, unless deemed important enough to be stored in data repositories, according to Finance Magnates.

This policy, set to begin on 1 April 2025, aims to reduce legal and reputational risks. Emails will be retained if required for legal compliance, such as the Freedom of Information Act. Concerns have been raised about the potential impact on FCA accountability and responses to information requests, particularly regarding email categorization.

This article was written by Tareq Sikder at www.financemagnates.com.ExecutivesRead More

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