Banking depositors’ backstop beefs up its governing board

Tim Wallace
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TWO top lawyers were yesterday appointed to the board of the Financial Services Compensation Scheme (FSCS) to bolster the leadership team after the departure of two veteran members.

The FSCS acts as a fund of last resort for depositors in broken banks and building societies – if they go under, deposits are guaranteed up to £85,000, with the rest of the sector bearing the cost.

Former Aegon general counsel Marian Glen has been appointed by the Financial Services Authority. Her experience in the area includes remediation for Scottish Equitable customers, working on redress provision.

And Charles McKenna, formerly a corporate partner at law firm Allen & Overy has also joined the board.

They replace Ros Reston and Tony Ashford, who were members of the board through the financial crisis, when the FSCS was called upon to compensate the UK customers of several failed Icelandic banks.