The Financial Services Authority (FSA) has appointed two new non-executive directors to the Board of the Financial Services Compensation Scheme (FSCS). Marian Glen and Charles McKenna will take up their positions on 1 February 2013.
Marian Glen was General Counsel at Aegon UK plc from 2009 to 2011 and prior to that was a partner at Shepherd and Wedderburn from 1994 to 2008. She was also involved in the critical programme of remediation for Scottish Equitable customers and worked on the effective and speedy provision of redress.
Charles McKenna spent 22 years as a corporate partner at Allen and Overy, specialising in corporate transactions, financial services and regulatory bodies. In the 1980s he was involved in the formation of The Securities Association, the first UK self-regulating organisation. This included advising on its constitution and rule book. Charles was also involved in creating Allen and Overy’s regulatory practice and served for three years on the Board of Hart Citizens Advice Bureau Service.
Lord Turner, the FSA’s chairman, said:
“We are very pleased to announce the appointment of Marian Glen and Charles McKenna, whose experience will prove invaluable for the FSCS during this period of regulatory change.”
Lawrence Churchill, FSCS Chairman, said:
“I am pleased that we have been able to appoint two people of such high calibre as Marian Glen and Charles McKenna to the FSCS Board. They have a wealth of experience that will benefit both consumers and the firms to whom we are accountable. I am delighted to welcome them to the Board.
“I would also like to pay tribute to Ros Reston and Tony Ashford for their exemplary service to the FSCS during the height of the financial crisis. They brought a huge amount of experience and insight to the work of the Scheme at a pivotal point in our history.”
As well as appointing two new members to the Board, the FSA also reappointed Alex Kuczynski and Kate Bartlett as Executive Directors for a further term.
Notes for editors
- The FSCS is the UK’s statutory fund of last resort for customers of authorised financial services firms. The primary aim of the Scheme is to provide protection for private individuals and small businesses. The FSCS can pay compensation if an authorised firm is unable or likely to be unable to pay claims against it, usually because it has gone out of business or is insolvent. The Scheme covers investments, deposits, home finance advice and arranging, and insurance.
- The FSCS is independent from the FSA, although accountable to it, and, ultimately, to the Treasury. The conduct of the Compensation Scheme is the responsibility of its Board of Directors, appointed by the FSA. Under the Financial Services and Markets Act 2000 (FSMA), the FSA appoints the Directors on terms which secure their independence from the FSA in the operation of the Scheme.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013 as required by the Financial Services Act 2012.