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TPR appoints Nausicaa Delfas as new Chief Executive

Ref: PN22-37

Issued: Wednesday 21 December 2022

The Pensions Regulator (TPR) has announced the appointment of Nausicaa Delfas as its new Chief Executive. 

Nausicaa, who will start in the role at the end of March 2023, joins TPR from her current role as Executive Director, Governance, at the Financial Conduct Authority. She is also the former interim Chief Executive and Chief Ombudsman of the Financial Ombudsman Service. 

She 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; while not hesitating to take robust regulatory action where necessary to drive up standards and to ensure that savers are protected.  

Driving value for money for savers, ensuring automatic enrolment continues to be a success and tackling criminal activity will also be a key focus for Nausicaa as TPR delivers on its Corporate Strategy to put savers at the heart of all it does. 

Sarah Smart, Chair of TPR, said:

“Following Charles Counsell’s announcement in June that he was stepping down in March 2023, we have been running an extensive selection process to find a new CEO. I am thrilled to appoint Nausicaa Delfas to the role at a time when the pace of change in the pension industry shows no sign of slowing. Nausicaa has a proven track record of delivering transformational change, and her background in governance will be vital as we ensure those who deliver pension savings are meeting the challenges of new legislation, and as we continue to improve our effectiveness by becoming a more data and technology-led organisation.   

“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. 

“I would like to thank Charles for his outstanding work as CEO. He has worked tirelessly to help TPR become the clearer, quicker and tougher regulator it is today, embedding wide-ranging new legislative duties and showing that we will take action to tackle criminal behaviour. He has led from the front and has engendered the values by which we, and the industry, should all work.” 

Nausicaa Delfas said: 

“I am delighted to be joining TPR as CEO at a time of significant change and challenge. Saving effectively for the future is essential for everyone. TPR plays a key role in protecting work-based pensions and the post-retirement income of over 30 million people.  I look forward to leading this organisation in its critical work."

Minister for Pensions 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.” 

Notes for editors

  1. Nausicaa Delfas is currently Executive Director, Governance, at the Financial Conduct Authority (FCA). Until October 2022, she was Chief Executive and Chief Ombudsman of the Financial Ombudsman Service (interim), clearing its backlogs, and spearheading its strategic, operational and digital transformation, resetting the organisation for the future. Before that, as Executive Director of International she was responsible for the FCA’s international and Brexit strategy and delivery. She has also served as the FCA’s Chief Operating Officer, and previously held other senior roles at the FCA and FSA, including in Supervision, Enforcement, Risk and Policy, across retail and wholesale sectors.  She has led innovative and complex transformational initiatives, driving changes in regulation and culture. Before joining the FSA, Nausicaa trained and qualified as a solicitor at City law firm Freshfields in London.

  2. An image of Nausicaa is available from TPR’s press office. 

  3. Charles Counsell announced he was stepping down from the role of CEO in June 2022.  

  4. TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).

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