Great Britain’s FCA (Financial Conduct Authority) has reappointed Baroness Zahida Manzoor to lead the Financial Ombudsman Service (FOS) as its Chair for a second term, which will run until August 2025.

FCA Reappoints its Chair of the Financial Ombudsman Service

According to the statement published by the FCA on Monday, the reappointment was made by the UK’s regulator Board, followed by the approval of the Treasury. Baroness Manzoor started her role as the Financial Ombudsman in 2019 on an initial three-year term and after successfully fulfilling her role, she was reappointed for another term of office.

"I am delighted to be reappointed as Chair of the Financial Ombudsman Service as we move forward on our ambitious change agenda to provide a first-rate service to our customers. I am looking forward to continuing to work with my Board and my new Executive Team to deliver sustainable performance improvements, excellent service standards and value for money,” Baroness Manzoor commented.

Interim Chair of the FCA, Richard Lloyd, congratulated Manzoor on her appointment for another term and recalled that The Financial Ombudsman Service plays a vital role in protecting consumers in their dealings with financial firms. Manzoor initiated a transformation program during her first term of office to improve the quality of the service provided by the Financial Ombudsman.

“We will continue to ensure that our proactive engagement to share the valuable insights our casework provides will enable businesses to address their customers’ concerns quickly and fairly and reduce the number of complaints that need to be referred to our Service,” she added.

Watch the recent FMLS22 panel on regulation in 2023.

Baroness Zahida Manzoor's Career Before Joining the FCA

In 1998, Baroness Manzoor was awarded the Commander of the Order of the British Empire, one of the highest national honors in the UK, for her work on behalf of the National Health Service (NHS) and the fight against racism.

She has over 20 years of experience acquired on the boards of major organizations. She has held the roles of The Legal Services Complaints Commissioner and The Legal Services Ombudsman for England. As a member of the NHS, she was responsible for delivering significant transformational programs.

In 2013, she was appointed to the House of Lords, where she held the Government Whip and Minister position from March 2018 to May 2019.

FOS Received 73,000 Complaints in H1 2022

According to the FOS report, the number of complaints made in the first half of 2022 reached almost 73,000. Complaints relating to the investment sector amounted to 2,427. All complaints involved a total of 212 firms, compared to 216 reported in the previous six months.

The complaint uphold rate was 37%, remaining at the levels of the second half of 2021. The rate came in for complaints relating to the investment industry at 29%. 4,242 complaints filed were resolved proactively by companies.

“Through this initiative, 6,877 offers from over 90 firms were made to customers to settle complaints. We reviewed the fairness and reasonableness of any offer communicated through the process, which resulted in the total number of complaints proactively resolved as part of the scheme being 5,460,” the FOS commented.