Chief financial officer Fiona Kidy will step up to lead the FSCS while it searches for a successor.

Caroline Rainbird said: “I have thoroughly enjoyed my time working at FSCS. FSCS has a great team of people doing very important work, and I would like to wish them and the Board every success for this next step in their journey.”

Last month she said: “It has never been more important for the public to have trust in the financial services industry and confidence that their money is safe.

“Understanding of FSCS’s role in promoting trust and confidence is key to helping consumers to feel more confident when making decisions about their finances and can contribute to greater financial stability.”

Ms Rainbird had joined FSCS in May 2019, taking over as chief executive from Mark Neale.

She was a former RBS and ABN AMRO executive having worked at ABN AMRO from 1995 to 2009, undertaking a number of leadership and transactional roles within group shared services, finance, change management and structured finance.

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.

Marshall Bailey, chair of FSCS, said: “We are thankful for the progress that FSCS has made since 2019. Caroline has led the organisation through a series of considerable external challenges, while ensuring that it continues to deliver an excellent service for customers.

“She has also helped to develop a stronger understanding of our role in building confidence in the financial services industry. We wish Caroline every success in the future.”