The Financial Services Compensation Scheme, the government back financial safety-net scheme, has appointed a new interim CEO today but says a new permanent CEO will not be appointed until after April.

The new interim CEO is international financial services executive Martyn Beauchamp who will take up his new role as interim CEO tomorrow (Weds 18 October).

The news means that the next permanent CEO may only be appointed up to a year after predecessor Caroline Rainbird left in June.

The delay is to give the replacement for existing chair Marshall Bailey, who steps down next year, a chance to be involved in the appointment.

Recruitment of a permanent CEO will start in line with the next FSCS chair’s first term, which is expected to begin in April.

Mr Beauchamp will be interim CEO in the intervening period and will also join the FSCS board as an executive director. He will replace Fiona Kidy, the chief financial officer of the FSCS who stepped up as interim CEO following the departure of Caroline Rainbird.

Mr Beachamp has worked in financial services for 20 years in both listed, private and state-owned financial services businesses in Europe, the Middle East and Asia. The FSCS says he has also worked with regulators and governments in the UK and globally.

He has held senior roles at a number of organisations including the Charities Aid Foundation, GE Capital, Slater and Gordon Lawyers, Tesco Bank and Sainsbury's Bank. 

His appointment was recommended by the FSCS board and he was appointed by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), with final approval from the Treasury.

FSCS chair Marshall Bailey said: “The board and I recommended Martyn for the role of interim CEO as he brings both extensive financial services experience and a real passion for good outcomes, with an eye on the impact on trust in financial services, which is at the core of what FSCS does. 

“Martyn’s appointment comes at a pivotal time for FSCS and financial services as we find ourselves engaged in many important discussions about the future of regulation, looking at how we can best meet the needs of consumers, and all our stakeholders, in an ever-changing and complex industry. I look forward to spending the last part of my tenure as chair working with Martyn alongside the rest of the FSCS board.   

“I would also like to thank Fiona Kidy, FSCS’s chief financial officer, who stepped up to lead the organisation while we appointed an interim CEO, ensuring the vital work that the FSCS does continued uninterrupted over the summer.”

Nikhil Rathi, FCA CEO, and Sam Woods, deputy governor for Prudential Regulation and CEO of the PRA, said in a joint statement: “The FSCS plays an important role in the regulatory landscape. We look forward to working closely with Martyn during his time at the organisation.”