Baroness Nicky Morgan has been appointed as a non-executive director of the board of the Financial Services Compensation Scheme (FSCS) alongside Cathryn Riley and Wendy Williams.
The former secretary of state and Treasury select committee chairwoman will join the board on 1 September, as well as Williams, who is also Her Majesty's Inspector of Constabulary and Inspector of Fire and Rescue Services.
Riley will join on 1 February 2021 and is formerly Aviva group chief operating officer and group chief information officer.
The appointments were revealed by FSCS chairman Marshall Bailey following a lengthy and in-depth interview process involving both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Bailey said: "We find ourselves facing challenges new to us all. Our rising levy reflects too many bad outcomes from unsuitable products and advice, and we must work to prevent this. In order to tackle and overcome these issues, and continue to drive our organisation forward, we need to ensure we maintain diversity of thought on our board, because from resistance and challenge comes clarity and strength.
"I am extremely proud to announce these three new appointments and am excited to welcome them to the team."
FSCS chief executive Caroline Rainbird added: "The work we do at FSCS is extremely important, not only to people who hold their money with regulated financial services providers, but also in contributing to the financial stability of the UK.
"Each of these three new impressive individuals expressed a distinct understanding and appreciation for what we're trying to achieve. I am confident that they will make important contributions, building on the fantastic work of our existing board members, as we move forward into an uncertain future."
‘Ensure vulnerability is taken seriously’
After a weekend down for maintenance and upgraded Financial Services Register is up and running for consumers.
New FCA chief executive appeared before MPs
Watchdog warns consumers
Enhanced register goes live on Monday
Contact Samaritans if you need to
Residence Nil Rate Band
Covid-19 crisis acts as catalyst
60 figures sign open letter
Provided in partnership with DocTap