On the go: The Pensions Regulator has appointed Nausicaa Delfas as its new chief executive, taking over from Charles Counsell, who is due to step down from the role in March 2023.
Delfas joins TPR from her role as executive director for governance at the Financial Conduct Authority.
Up until October 2022, Delfas was the interim chief executive and chief ombudsman at the Financial Ombudsman Service.
Prior to this, in her role as executive director of international at the FCA, she was responsible for the watchdog’s international and Brexit strategy and delivery.
Delfas has also served as the FCA’s chief operating officer, and previously held other senior roles at the FCA and the Financial Services Authority – the FCA’s predecessor – including in supervision, enforcement, risk and policy across retail and wholesale sectors.
Before joining the FSA, she trained and qualified as a solicitor at City law firm Freshfields in London.
Delfas will lead TPR as it continues to implement a raft of new high-profile initiatives designed to improve outcomes for savers, from pensions dashboards to the new DB funding code.
She will assume the reins at a time of heightened pressure for the regulator, which is under scrutiny over its actions in the lead-up to the autumn liquidity crisis that gripped defined benefit schemes.
Appearing before a Work and Pensions Committee hearing into schemes’ use of liability-driven investments, Counsell pushed back against a suggestion put to TPR by MPs that it pressured some pension schemes towards LDI, when they did not think that LDI was appropriate for them. Counsell's March 2023 departure was announced in June.
Upon TPR’s announcement, the regulator’s chair, Sarah Smart, said: “I am confident Nausicaa will put value for money, equality and diversity and a determination to tackle wrongdoing at the core of her priorities to help us fulfil our commitment to protect savers and develop as an organisation fit for the future.”
Pensions minister Laura Trott said: “I want to congratulate Nausicaa on her appointment as TPR’s new chief executive.
“Nausicaa will bring a real wealth of experience to the role and I’ve no doubt she will be an excellent choice to continue the pivotal role played by Charles Counsell and the whole TPR team in supporting and expanding pension saving across the country.”
