The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have appointed Martyn Beauchamp as Chief Executive Officer of the Financial Services Compensation Scheme (FSCS), with immediate effect. Beauchamp had served as Interim CEO since October 2023 and oversaw the FSCS’s transition to a new operating model. The appointment was made by the Prudential Regulation Committee and the FCA Board with HM Treasury approval, and includes Beauchamp becoming an Executive Director on the FSCS Board. The update reiterates that, under the Financial Services and Markets Act 2000, the PRA and FCA must appoint the FSCS CEO subject to Treasury approval and on terms that secure the CEO’s independence in operating the compensation scheme; it also notes the FSCS Board’s responsibility for ensuring the scheme is properly resourced and operates effectively and independently.
Bank of England 2025-03-06
Bank of England's Prudential Regulation Authority and Financial Conduct Authority appoint Martyn Beauchamp as Financial Services Compensation Scheme CEO
The Prudential Regulation Authority and the Financial Conduct Authority have appointed Martyn Beauchamp as Chief Executive Officer of the Financial Services Compensation Scheme, effective immediately. Beauchamp, who served as Interim CEO since October 2023, will also join the FSCS Board as an Executive Director. The appointment, approved by HM Treasury, ensures the CEO's independence under the Financial Services and Markets Act 2000.