Former RBS executive named as new FSCS chief exec

Caroline Rainbird

The Financial Services Compensation Scheme has announced former Royal Bank of Scotland executive Caroline Rainbird as its new chief executive.

Ms Rainbird will replace Mark Neale when she assumes her new role at the FSCS on 3 May following her predecessor’s departure.

She has held a variety of executive positions in a career spanning 30 years within the financial services sector including senior regulatory, strategic, commercial, operational, investment banking, and client led roles.

Between 2009 and 2017 she held senior positions at RBS Plc working as director of their corporate services division and then as their managing director of regulatory affairs.

From 1995 to 2009 she worked at ABN AMRO, undertaking a number of leadership and transactional roles within group shared services, finance, change management and structured finance.

FSCS chair Marshall Bailey said: “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.”

Andrew Bailey, chief executive, FCA and Sam Woods, the Deputy Governor of Prudential Regulation and CEO of the PRA, said: “Caroline brings considerable financial services experience to the role of CEO 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.”

Ms Rainbird added: “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.”