Financial services industry veteran Elizabeth Passey has been named as chair of the Financial Services Compensation Scheme's (FSCS) board.

Passey was appointed by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), and will take up the role from today (1 October 2024).

Over a 30-year career, Passey held senior positions with J Stern & Company, Investec Asset Management, and Morgan Stanley.

Currently, Passey is a senior adviser at J Stern & Company, a member of the investment committee of the Goldsmiths Company, a member of the boards of the Rivers Trust and the Wye & Usk Foundation, a patron of Clean-up UK, and ambassador for the 30% Club.

She also recently completed two terms as chair of the Rural Payments Agency, and as convener of the University of Glasgow.

Her previous roles include managing director at Investec Asset Management between 2012 and 2014 and at Morgan Stanley between 2006 and 2012.

The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury.

Passey succeeds Marshall Bailey OBE, who is stepping down after two terms as FSCS chair.

Commenting on Passey’s appointment, FCA senior independent director, Richard Lloyd OBE, said: “Elizabeth will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her.

“I want to thank Marshall for his impressive leadership over the last six years, a period of significant change for the FSCS.”

Passey added: “I am delighted to be joining the FSCS as its new chair. The FSCS provides trust in financial services, and this is arguably more important than ever.

“It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest.

“Marshall and the FSCS’ board have directed the organisation through a significant change to its work, with a steep rise in complex claims over the last six years.

“I’m looking forward to working with the other directors and the executive team to help the FSCS continue its evolution as a compensation scheme, so that it can best protect consumers in the years ahead.”

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