Financial Services Compensation Scheme chief executive Mark Neale will depart his role in May after nine years at the helm.
In an announcement to FSCS staff, Neale said: “I have decided to stand down when my third, three year term as a director comes to an end next May. I haven’t taken this decision because of any diminished commitment to FSCS.
“I still find every day just as engaging as my first back in May 2010. But I think it is the right time to move on. I firmly believe that any organisation needs new leadership after nine years. And I want to take on new challenges.”
Neale has a long career in the civil service, serving in a number of roles including as a director general at HM Treasury and the Home Office.
In a joint statement, Financial Conduct Authority (FCA) chair Andrew Bailey and Prudential Regulation Authority chief executive Sam Woods say: “Mark deserves great credit for his leadership of FSCS and for his clear thinking on financial services compensation. He has led the FSCS through a period of fundamental change which has transformed its role.”
The process for recruiting Neale’s successor is already underway, with recruitment agency Odgers Berndtson appointed to help with that. “Odgers Berndtson has deep experience of working within financial services and regulation in the UK and internationally,” the FSCS said.
The appointment of FSCS head is made by the FCA and the Prudential Regulation Authority (PRA) with the approval of HM Treasury.
The FSCS is the UK’s compensation fund of last resort for customers of authorised financial services firms. It is funded by the financial services industry and since 2001, ithas helped more than 4.5 million people, paying out over £26bn in compensation.