Caroline Rainbird departs FSCS

The Financial Services Compensation Scheme has announced that its chief executive Caroline Rainbird has left the organisation today (June 5).

In a statement, the FSCS said chief financial officer Fiona Kidy has agreed to lead the organisation while it searches for a successor. 

Commenting on Rainbird’s departure, FSCS chairperson Marshall Bailey said: “We are thankful for the progress that FSCS has made since 2019. 

“Caroline has led the organisation through a series of considerable external challenges, while ensuring that it continues to deliver an excellent service for customers. She has also helped to develop a stronger understanding of our role in building confidence in the financial services industry.”

He added: “We wish Caroline every success in the future.”

Rainbird commented that she has “thoroughly enjoyed” her time working at the FSCS. 

“FSCS has a great team of people doing very important work, and I would like to wish them and the Board every success for this next step in their journey,” she said. 

Rainbird joined the FSCS from the Royal Bank of Scotland as chief executive in April 2019.

At the time, Bailey 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.”

Rainbird took over as chief executive officer from Mark Neale. 

jane.matthews@ft.com