The Financial Services Compensation Scheme (FSCS) has named Martyn Beauchamp as interim chief executive.

Beauchamp replaced Caroline Rainbird who left in June after four years in the role.

He was appointed by the Financial Conduct Authority and the Prudential Regulation Authority before approval by HM Treasury.

The FSCS Board recommended his appointment which takes effect on Wednesday (18 Oct).

Beauchamp has been described as experienced leader with over 20 years experienced in the financial services sector.

He has worked with regulators and governments in the UK and globally.

And he has also led listed, private, and state-owned financial services businesses across Europe, the Middle East and Asia.

Beauchamp appointment is on an interim basis whilst a permanent CEO is recruited.

The recruitment is expected to begin in April 2024, in line with the next FSCS Chair’s first term.

Martyn’s appointment was recommended by the FSCS Board, and he was appointed by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) before approval by HM Treasury.

FSCS chair Marshall Bailey said: “Martyn’s appointment comes at a pivotal time for FSCS and financial services as we find ourselves engaged in many important discussions about the future of regulation, looking at how we can best meet the needs of consumers, and all our stakeholders, in an ever-changing and complex industry.”    

FCA CEO Nikhil Rathi and Prudential Regulation deputy governor Sam Woods in a joint statement said:“FSCS plays an important role in the regulatory landscape. We look forward to working closely with Martyn during his time at the organisation.”