" I still find every day just as engaging as my first back in May 2010. But I think it is the right time to move on."
A search for Mark's successor is now underway, with the FCA and PRA responsible for appointing the new CEO alongside approval from HM Treasury.
In an announcement to FSCS staff, Mark Neale said: “I haven’t taken this decision because of any diminished commitment to FSCS. I still find every day just as engaging as my first back in May 2010. But I think it is the right time to move on. I firmly believe that any organisation needs new leadership after nine years and I have decided to stand down when my third, three year term as a director comes to an end.”
Marshall Bailey, FSCS chair, commented: “Mark’s tenure at FSCS has seen striking changes in both FSCS’ own capability and in the depth of its relationships with the regulators, Government and our partners in the financial services industry.
“Thanks to Mark and his team, FSCS is better prepared to deal with major failures and to support financial stability.
“It provides a better service to its customers, is better known by consumers and is more efficient.
“We wish him all the best as he prepares to write the next chapter in his distinguished career.”
In a joint statement, FCA chief executive Andrew Bailey and PRA chief executive Sam Woods said: "Mark Neale has led the FSCS through a period of fundamental change that has transformed its role. He deserves great credit for his leadership of the FSCS and for his clear thinking on financial services compensation."
