FSA Appoints Paul Stockton As Non-executive Director of FSCS
The Financial Services Authority (FSA) has appointed Paul Stockton as non‑executive director to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 December 2011.
The FSCS is the UK’s statutory fund of last resort for customers of authorised financial services firms. The primary aim of the Scheme is to provide protection for private individuals and small businesses.
The FSCS can pay compensation if an authorised firm is unable or likely to be unable to pay claims against it, usually because it has gone out of business or is insolvent. The Scheme covers investments, deposits, home finance advice and arranging, and insurance.
Paul is currently Group Finance Director at Rathbone Brothers plc (a FTSE 250 company). He has gained exposure to a wide range of financial services businesses throughout his career.
He has worked in the insurance sector and in his current role has gained considerable experience of private client fund management and asset management. Through his work in the industry he has developed a strong understanding of issues relating to financial services sales, consumer issues, corporate governance and regulatory compliance.
Lord Turner, the FSA’s chairman, said: “We are pleased that Paul has been appointed to the FSCS Board as non-executive director. He brings with him valuable experience which will greatly benefit the FSCS.”
David Hall, FSCS Chairman, said: “It is with great pleasure that I welcome Paul to the Board of the FSCS. His wealth of experience in finance, financial services and consumer issues will be invaluable at a crucial time in the Scheme’s development. He is an excellent addition to a strong team.”
The FSCS is independent from the FSA, although accountable to it, and, ultimately, to the Treasury. The conduct of the Compensation Scheme is the responsibility of its Board of Directors, appointed by the FSA. Under the Financial Services and Markets Act 2000 (FSMA), the FSA appoints the Directors on terms which secure their independence from the FSA in the operation of the Scheme.