Elizabeth Passey has been appointed the new chair of the Financial Services Compensation Scheme's (FSCS) board.

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

The Financial Conduct Authority (FCA) Board and the Prudential Regulation Committee (PRC) made the appointment, with HM Treasury's approval.

With a career spanning over 30 years, Passey has held senior positions with J. Stern & Co., Investec Asset Management and Morgan Stanley, bringing a range of experience to her new role.

She recently completed two terms as Rural Payments Agency chair and convener of the University of Glasgow.

FCA senior independent director, Richard Lloyd OBE, who was on the selection panel, commented: ''Elizabeth will bring a wealth of experience in 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.''

Passey said she is ''delighted'' to join the FSCS as its new chair, adding: ''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."

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