The UK Financial Conduct Authority (FCA) has announced a new interim Chair of the Financial Ombudsman. Liam Coleman will be taking over from Zahida Manzoor CBE, who is exiting after two years in the position. Manzoor’s departure was anticipated as it was revealed this past February.
The Financial Ombudsman was created to resolve complaints between financial businesses and their customers. This includes banking, insurance, fraud and scams, payment protection insurance (PPI), loans, mortgages, pensions, and investments. From April 2019, its remit was extended to cover complaints from larger, small, and medium-sized businesses, and about claims management companies.
Coleman joined the FCA board in November 2019 and will leave his current position as non-executive director at the FCA to take up his role at the Financial Ombudsman.
Coleman was formerly chief executive officer of The Co-operative Bank, deputy group treasurer and group head of capital management at The Royal Bank of Scotland (RBS) and group director, treasury at Nationwide Building Society. He currently chairs Great Western Hospitals NHS Foundation Trust and London and Quadrant Housing Trust, and is interim chair of Royal United Hospitals Bath NHS Foundation Trust.
