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FSA appoints new FSCS chairman

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The FSA today announced who will be the Chairman of the Financial Services Compensation Scheme (FSCS) for the next three years. Lawrence Churchill will take up the position on April 1, succeeding David hall.

Currently the Chairman of the National Employers Savings Trust, Churchill has an impressive resume which includes roles as Chief Executive of UK, Irish & International Life at Zurich Financial. He was also appointed a Commander of the British Empire in 2010 in recognition of his public service.

Lord Turner, Chairman of the FSA, said, “I am delighted Lawrence has agreed to serve as FSCS Chairman. He will bring an invaluable set of skills and knowledge from his varied experience in the financial services sector over many years, which will only benefit the FSCS”

Churchill added, “A huge increase in claims and compensation paid out in more recent years has created significant challenges for the FSCS, and has impacted on all of its stakeholders. I am grateful to David Hall for his influence and contribution in steering the organisation to the levels of efficiency and responsiveness we see today.

The FSCS will continue to play a vital role in providing confidence in the financial services sector this year and onwards. It is vital that consumers continue to be informed and made fully aware of the levels of protection that the FSCS provides, especially during times of economic uncertainty.”