The Financial Services Compensation Scheme (FSCS) has today revealed that former RBS and ABN AMRO executive, Caroline Rainbird, will become its next CEO.

FSCS says Ms Rainbird “brings a wealth of global experience from a career spanning 30 years within the financial services sector encompassing senior regulatory, strategic, commercial, operational, investment banking, and client led roles”.

Between 2009 and 2017 she held senior positions at RBS Plc working as director of their corporate services division and then as their managing director of regulatory affairs.

From 1995 to 2009 she worked at ABN AMRO, undertaking a number of leadership and transactional roles within group shared services, finance, change management and structured finance.

Outgoing CEO Mark Neale's last day will be 3 May and Caroline's appointment takes effect from 4 May for a period of three years.

She also joins the board of FSCS.

The appointment has been made by the FCA and the Prudential Regulation Authority, who had representatives on the recruitment panel, and approved by HM Treasury.

Marshall Bailey, FSCS chairman, said: “It is a testament to the standing and reputation of the FSCS that we have been able to attract a world class leader like Caroline.

“Her array of financial services experience, understanding of the regulatory landscape and passion for the consumer meant she was the obvious candidate.

“Her industry pedigree will particularly help our work on tackling the causes of compensation and improving fairness for all consumers.”

"Building on the outstanding work of Mark Neale I'm confident that she will successfully lead the delivery of our strategy for the 2020s and I look forward to working with her.”

Caroline Rainbird, FSCS CEO Designate, commented: "Throughout my career I've been passionate about helping consumers and so I'm thrilled to be joining the FSCS. The Scheme plays a crucial role in helping people when their financial service providers fail, putting them back on track and building confidence in the sector.

"The strategy for the 2020s represents an exciting opportunity to build on this great work by protecting consumers when they need it, increasing their understanding of the full range of protection available, and working with partners to prevent future failures from occurring in the first place."

Andrew Bailey, chief executive, FCA and Sam Woods, the deputy governor of Prudential Regulation and CEO of the PRA, said: ”Caroline brings considerable financial services experience to the role of CEO of the FSCS.

“The FSCS is an important part of the regulatory structure and we look forward to working with Caroline in her new role."