Elizabeth Passey, currently a senior adviser at investment house J Stern and Company, has been appointed chair of the Financial Services Compensation Scheme’s board from today.

She succeeds Marshall Bailey, who is stepping down after two terms as FSCS chair.

The appointment was made by the Financial Services Authority and the Prudential Regulation Authority with the approval of HM Treasury.

Ms Passey has held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley over a 30-year career. She recently completed two terms as chair of the Rural Payments Agency, and as convener of the University of Glasgow.

Richard Lloyd, the FCA’s senior independent director, who was on the selection panel said: “Elizabeth will bring a wealth of experience of financial services, public service and governance to the role and we look forward to working with her.

“I want to thank Marshall for his impressive leadership over the last six years, a period of significant change for the FSCS.”

Elizabeth Passey said: “The FSCS provides trust in financial services, and this is arguably more important than ever. It is vital the organisation continues to provide a high-quality service that gives consumers the confidence to save and invest.

“Marshall and the FSCS’ board have directed the organisation through a significant change to its work, with a steep rise in complex claims over the last six years. I’m looking forward to working with the other directors and the executive team to help the FSCS continue its evolution as a compensation scheme, so that it can best protect consumers in the years ahead.”

Elizabeth Passey is currently a senior adviser at J Stern & Company, a member of the investment committee of the Goldsmiths Company, a member of the boards of the Rivers Trust and the Wye & Usk Foundation, a patron of Clean-up UK and ambassador for the 30% Club.

She previously provided consultancy services to Artemis Investment Management between 2018 and 2019 and EFG Harris Allday in 2018. Before this she was a managing director for Investec Asset Management between 2012 to 2014 and for Morgan Stanley between 2006 to 2012, having held various senior roles since starting at Morgan Stanley in 1994.

She recently completed tenures as Chair of the Rural Payments Agency (2018 to 2024) and the University of Glasgow (2016 to 2024). She was a board member of VPC Specialty Lending Investments PLC from 2015 to 2023 and a UK board member of The National Lottery Community Fund from 2014 to 2022.