FCA, PRA Appoint New Head Of UK Compensation Scheme

Law360, London (February 13, 2018, 4:50 PM GMT) -- A former manager of the government’s bank holdings is to head the Financial Services Compensation Scheme, a statutory fund that pays customers and depositors compensation when financial institutions go bust, U.K. regulators said on Tuesday.

The Financial Conduct Authority and the Prudential Regulation Authority, a supervisory and regulatory arm of the Bank of England, have hired Marshall Bailey as chairman of FSCS. The Treasury has approved the appointment, and Bailey will take up his new role on Apr. 1.

Bailey comes to his new post from...
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