According to Sky News, Lesley Cowley is the front-runner to take over as chair of the deposit protection program as the Bank of England looks to implement changes following the financial crises of last year.
Lesley Cowley, the former head of the Driver and Vehicle Licensing Agency (DVLA) for almost ten years, is the front-runner to assume the same role at the Financial Services Compensation Scheme (FSCS), according to information obtained by Sky News.
Within days, her appointment might be made public, according to city sources.
Mrs. Cowley would succeed Marshall Bailey, who led the FSCS for two terms of three years each, if her confirmation is granted.
In addition to other regulated financial services, the statutory compensation plan exists to safeguard clients of failing banks and insurers. It is financed by a fee on the industry.
It works with an £85,000 maximum for each customer’s bank account with a separate regulated lender.
It was revealed last year that the Bank of England was looking to strengthen the FSCS’s reforms, particularly the steps taken to better safeguard depositors at smaller banks.
The failure of Silicon Valley Bank in the US early in 2023, which alarmed customers of its UK branch about losing their deposits, served as the impetus for the review.
