Standard Life, part of Phoenix Group, has appointed financial services veteran Maggie Craig to its Independent Governance Committee (IGC), overseeing the interests of more than 2.5 million workplace personal pension scheme members.

The appointment further supports the oversight and scrutiny afforded to customers, increasing membership to seven and above the five-person regulatory minimum.

Ms Craig (pictured) has spent all her executive career working in a variety of financial services roles with Standard Life and Aegon.

She also worked with industry trade body the Association of British Insurers prior to joining the Financial Conduct Authority (FCA), in 2014, as head of insurance and pensions policy.

Ms Craig was appointed head of department, Scotland in 2017, led the strategy for the development of the FCA Scotland’s office and went on to set up the FCA Devolved Nations team.

Outside of financial services, she is chair of Children 1st, Scotland’s national children’s charity and chairs the Audit and Risk Committee of the Scottish Courts and Tribunal Service.

Ms Craig, having lectured on financial services regulation at Glasgow College and Heriot Watt University in Edinburgh, is an external examiner for the Financial Services and Regulation Skills module of the Diploma at The University of Edinburgh Law School and is an honorary Fellow of the Institute and Faculty of Actuaries.

David Hare, chair of the Standard Life Independent Governance Committee, said: “Maggie’s track record in financial services is second to none.

“She is one of the industry’s best known and well-respected executives and I am delighted to welcome her to the Standard Life IGC.

“Her experience, in and outside of financial services, stretching over many decades, will help strengthen the work of the committee and benefit the interests of pension savers.”

Within Phoenix Group, which incorporates Standard Life, Phoenix Life and ReAssure, membership of the Independent Governance Committee for each company is harmonised. Mc Craig therefore also sits on the IGCs of Phoenix Life and ReAssure.