UK Financial Conduct Authority Appoints Liam Coleman As Interim Chair Of The Financial Ombudsman Service

Liam has over 30 years' extensive financial services, public sector and board experience. He was formerly chief executive officer of The Co-operative Bank, deputy group treasurer and group head of capital management at RBS and group director, treasury at Nationwide Building Society. 

Liam 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.

Liam will succeed Baroness Zahida Manzoor CBE, who is stepping down after 2 terms in post. Liam will chair the Financial Ombudsman’s board until a permanent appointment is made, after the initial recruitment campaign proved unsuccessful.  

Ashley Alder, chair of the FCA, commented:  

'I am delighted that someone with Liam's depth of experience will lead the Financial Ombudsman’s board during what is a pivotal time for the organisation.

'I want to thank Baroness Manzoor for all she's done to steer an ambitious improvement programme at the Ombudsman over the last 6 years.'

Commenting on his appointment, Liam Coleman said:  

'I am honoured to take on the role of interim chair at the Financial Ombudsman Service. It plays a vital role in upholding fairness and trust in the financial system.  

'I look forward to working closely with the board, executive team, and our wider stakeholders – including the Treasury and the FCA.'

The FCA and the Financial Ombudsman are currently seeking to modernise the financial services redress system to help prevent delays to compensation. As part of this, the Financial Ombudsman plans to consult later this summer on different levels of case fees for financial firms, to make the system fairer and support early resolution.

Background  

• The FCA is required by the Financial Services and Markets Act 2000 (FSMA) to appoint the chair of the Financial Ombudsman, with the appointment being approved by the Treasury.  
• The board of the Financial Ombudsman is entirely non-executive and is responsible for ensuring that the service is properly resourced and able to carry out its work effectively and independently.  
• Liam Coleman joined the FCA board in November 2019. Liam will leave his current position as non-executive director at the FCA to take up his role at the Financial Ombudsman.  
• He has over 30 years' experience in the banking industry in a variety of roles spanning retail and commercial banking and wholesale banking in his role as treasurer at 3 banking organisations.  
• Current roles include chairman of Great Western Hospitals NHS Foundation Trust and London and Quadrant Housing Trust, interim chair of Royal United Hospitals Bath NHS Foundation Trust, associate of the London Institute of Banking and Finance (ACIB) and an associate of the Association of Corporate Treasurers. He also holds an MBA from Warwick Business School.  
• Previous board and leadership roles include chief executive officer of The Co-operative Bank plc, and deputy group treasurer and group head of capital management at RBS and group director, treasury at Nationwide Building Society.
• The Financial Ombudsman was set up to resolve complaints between financial businesses and their customers. It can help with most financial services – including banking, insurance, fraud and scams, PPI, loans, mortgages, pensions and investments. From 1 April 2019, its remit was extended to cover complaints from larger small and medium sized businesses and about claims management companies.
• Find out more information about the FCA.  
• Find out more information about the FOSLink is external .