The Financial Services Compensation Scheme (FSCS) has today appointed interim CEO Martyn Beauchamp as its permanent CEO.

Mr Beauchamp has served as interim CEO of the industry consumer safety net for 16 months, since October 2023.

He stepped in after previous CEO Caroline Rainbird left in June 2023.

The Prudential Regulation Authority and Financial Conduct Authority today confirmed the appointment of Mr Beauchamp as chief executive officer of the compensation body which steps in to help clients of failed firms.

The FSCS said that in his time as interim CEO of the FSCS he has “successfully overseen” the FSCS’s transition to a new operating model. Before joining the FSCS he worked in financial services, often in senior roles, for over 20 years.

Mr Beauchamp said: “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.”

FSCS chair Elizabeth Passey said: “The board is delighted that the regulators have appointed Martyn Beauchamp as permanent CEO of FSCS, and wishes him, together with his leadership and wider FSCS team, the greatest success in delivering their objectives for the benefit of consumers and the sector.”

Sam Woods, deputy governor of Prudential Regulation and CEO of the PRA and Nikhil Rathi, CEO of the FCA said in a joint statement: “Martyn 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.”

This appointment was made by the Prudential Regulation Committee (PRC) and the FCA Board with the approval of the Treasury. Mr Beauchamp will take up the permanent role of the FSCS CEO, and executive director on the FSCS board, immediately.

Mr Beauchamp spent the first 11 years of his career at GE Capital, where he was appointed to his first CEO position in 2004. He went on to lead financial services businesses across UK, EU, Middle East and Asia for organisations including Tesco PLC and Sainsburys PLC.

The FSCS is the UK's financial compensation scheme that protects customers of authorised financial services firms if they fail. Among other sectors, the FSCS protects money held in banks, building societies and credit unions, investments, pensions, insurance including PPI, endowments and mortgage advice and pre-paid funeral plans. The FSCS steps in to pay compensation to clients of failed firms with valid claims. Each claim is paid up to a maximum of £85,000.

The FSCS is funded by a levy on regulated firms authorised by the FCA and PRA.

• Read Financial Planning Today’s exclusive Q&A with Martyn Beauchamp here