FCA reappoints Chair of the Financial Ombudsman Service for a second term

Richard Lloyd OBE, Interim Chair of the FCA, said: ‘I congratulate Zahida on her reappointment and I look forward to continuing to work with her. The Financial Ombudsman Service fulfils an essential role in ensuring fair outcomes for consumers and financial services firms, and the extensive transformation programme initiated in her first term as Chair will stand the service in good stead for the future.’

Baroness Manzoor CBE, Chair of the Financial Ombudsman Service, said: ‘I’m 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.

‘Maintaining open and constructive dialogue with all our stakeholders, including the Treasury and the FCA, will also be a key focus. 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.’

Notes to editors

1. The FCA is required by the Financial Services and Markets Act 2000 (FSMA) to appoint the Chair of the Financial Ombudsman Service, with the appointment being approved by HM Treasury.
2. Baroness Manzoor took up her role at the Financial Ombudsman Service on 2 August 2019 on an initial 3-year term. Baroness Manzoor has been reappointed for a second term, which will run until 2 August 2025.
3. The Board of the Financial Ombudsman Service 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.
4. Baroness Manzoor was appointed to the House of Lords in 2013, where she served as House of Lords Government Whip and Minister between March 2018 and May 2019.
5. Before joining the Lords, Baroness Manzoor spent over 20 years at board level within large, complex organisations. She has also served as The Legal Services Ombudsman for England and Wales and The Legal Services Complaints Commissioner. While a member of the NHS’ policy board, Baroness Manzoor was one of eight Regional Chairs overseeing the NHS and was involved in leading significant transformation programmes. She was also a former Trustee of the NSPCC and Deputy Chair for the Commission for Racial Equality. Baroness Manzoor has been a governor at various higher education institutions and has 5 honorary doctorates.
6. Baroness Manzoor was awarded the Commander of the Order of the British Empire in 1998 for her services to the NHS and improving race relations in the UK.
7. On the 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
8. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
9. The Financial Ombudsman Service was set up to resolve complaints between financial businesses and their customers. It can help with most financial services – including banking, insurance, 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.
10. Find out more information about the Financial Ombudsman Service[1].