The Financial Services Compensation Scheme (FSCS) has appointed former FCA acting CEO Tracey McDermott, former building society boss Andrew Craddock, and banker Mark Suthern as non-executive board directors.
They will take up their roles from 1 August.
The FSCS, the industry levy-funded consumer safety net scheme, said the three, “bring a broad range of experience across financial services, regulation and governance. Their appointments will further strengthen the FSCS board.”
Tracey McDermott spent eight years at Standard Chartered, ending as group head of financial crime and compliance by the time of her departure in 2025. She had previously spent 16 years at the FCA, including as acting CEO between September 2015 and June 2016.
She trained as a lawyer and spent seven years as a litigation solicitor with US legal firm Dechert.
She said: “A strong, successful and vibrant financial services industry is vital to support people in making critical savings and investments decisions. The role of FSCS is essential to ensuring that consumers can have confidence in the UK financial services system.”
Mr Craddock was CEO at Darlington Building Society for seven years until April and was previously CEO at Buckinghamshire Building Society for four years.
Before that he spent almost 10 years at Irish bank AIB and almost 20 years at Barclays Bank, where he began his career in financial services in 1984 working in branches.
He said: “I am looking forward to working with the team, to support financial stability by giving consumers confidence, continuity and compensation when financial services firms fail.”
Mark Suthern spent 35 years at Barclays Bank ending as national head of agriculture by the time he left in 2021. He has since taken on a number of non-executive roles including at the Rural Payments Agency, the Farming Community Network and the Environment Agency.
He said: “Working across complex organisations in finance and government has shown me how important FSCS is in supporting trust and stability.”
Elizabeth Passey, chair of FSCS, said: “Andrew, Tracey and Mark bring deep experience and insight, which will support our work to deliver an efficient and effective service for customers, provide value for levy payers, and support financial stability.”
The appointments come as FSCS takes forward its five-year strategy for 2026–31, focused on delivering high-quality outcomes for customers, a strong purpose and performance-led culture, and acting as a responsible steward of levy payers’ funds.
FSCS operates independently and is accountable to the UK’s financial regulators, the FCA and the PRA. The FSCS board of directors has responsibility for the scheme’s governance and strategic direction. Members of the board are appointed by the FCA and PRA.