FSA appoints FOS chairman
Share
The FSA has appointed Sir Nicholas Montagu as the new chairman of the Financial Ombudsman Service.
Montagu (pictured) is currently the chairman of the Aviva UK Life with-profits committee, a director of the pension corporation and is a former chairman of the board of Inland Revenue.
FSA chairman Lord Turner says: “Sir Nicholas Montagu has had a distinguished career and brings a wealth of experience in demanding board positions. His predecessor, Sir Christopher Kelly, steered the FOS through challenging periods, and the next few years will be no easier.
“This role needs a customer service champion to help shape the FOS’ future role in the new regulatory structure, and that is what we have with Nick.”
Sir Nicholas Montagu says: “I am delighted to have been appointed chairman of the FOS. It is a strong and innovative organisation, which over the last ten years has been recognised for the increasingly significant role it plays. I look forward to working with FOS chief executive Natalie Ceeney and her colleagues as we meet the challenge of providing an ever-improving service, with customer demand set to reach record levels.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
View results 10 per page | 20 per page
Readers' comments (19)
Joe Egerton - Justice in Financial Services | 23 Nov 2011 10:57 am
One does not wish to be carping, but one cannot help recalling some of the comments made by the Treasury Committee on the record of HMRC. But never fear - with a background in a giant life office that is pursuing a post-RDR agenda with limited space for IFAs, the FSA can expect an end to the pernicious and wicked habit of FOS of rejecting a higher proportion of complaints against IFAs than against banks, life offices, etc.
Unsuitable or offensive? Report this comment
Amanda | 23 Nov 2011 11:03 am
It is certainly NOT " a strong and innovative organisation. "
FOS staff = do not read much of the correspondence they receive : base their decisions on opinions rather than facts : send incorrect data to you : are under pressure to meet targets which is detrimental to the consumer : and still take far too long in reaching inaccurate conclusions.
Unsuitable or offensive? Report this comment
Anonymous | 23 Nov 2011 11:09 am
Another Sir added to compliment a Lord (Turner) - says it all really more decision makers not living in the real world.
Unsuitable or offensive? Report this comment
Paul Howard | 23 Nov 2011 11:15 am
I thought FOS was impartial...
He adds: “This role needs a customer service champion to help shape the Ombudsman’s future role in the new regulatory structure, and that is what we have with Nick.”
How can they be impartial when FSA is stating their head is a 'Customer Service Champion'.
If anyone needed ammunition to lodge a legal challenge...I think the FSA has just given it.
Unsuitable or offensive? Report this comment
Derek Bradley ceo PanaceaIFA.com | 23 Nov 2011 11:20 am
The FOS states that it is their job to sort out individual complaints that consumers and financial businesses haven't been able to resolve themselves.
They say they are “completely independent and impartial. This means that when we decide a complaint, we look carefully at both sides of the story and weigh up all the facts”.
And they go on to say “If we decide a business has treated the consumer fairly, we will explain why. But if we decide the business has acted wrongly – and the consumer has lost out as a result – we can order it to put things right”.
It does not state that it is “ a customer service champion to help shape the Ombudsman’s future role in the new regulatory structure”. Statements like this simply underline the view held by many that the FOS I not impartial, investigating complaints on the evidence available and/or the balance of probability.
And I do not believe that it was parliaments intention to create Consumer champions out of Ombudsman offices as that is neither independent nor impartial.
Unsuitable or offensive? Report this comment
Chippy Minton | 23 Nov 2011 11:21 am
How does one become a member of this exclusive club of highly paid people that sit on committees and in judgement of the rest of us.
21st Century Britain is looking remarkably similar to medieval feudal Britain.
Unsuitable or offensive? Report this comment
Brian | 23 Nov 2011 11:23 am
As for Amanda
I could not agree with you more
Very well said
Unsuitable or offensive? Report this comment
Ned Naylor | 23 Nov 2011 12:00 pm
To Chippy Minton
Becoming a member of this exclusive club of highly paid people is simply the application of don't give a toss what is right or wrong, ignore the legal rights of advisers to challenge FOS decisions in court, be totally biased towards consumers input, even if it can be demonstrated to be flawed, mendacious and / or simply incorrect and then formulate a system of compensation without any facility to challenge the outcome or even prosecute a consumer for deliberate and in some cases fraudulent misrepresentation, thus you then become the "consumer champion" and gain the respect and admiration of the FSA and all those other organisations whose sole purpose is to shut down the IFA sector or at the very least within the next two years render it an irrelevant business generator.
Also you must ensure that no adviser or firm complained about, can take the client to court for recovery of their costs when, on the rare occasions the advisers are exonerated from any blame for the clients losses.
Sounds like a plan!
Unsuitable or offensive? Report this comment
Phil Castle | 23 Nov 2011 12:37 pm
at the risk of getting lynched by my peers.....
The quote is a "customert champion" and not a consuemr champion.
As such customers of the FOS are, consumers, advisers and providers.
If it is a customer chapmion, then I welcome this. If it is as a "consumer champion", which is contrary to the quote, then the FOS will become the completely discredited institution many accuse them of already.
I still have an open mind on the FOS, never having had a complaint get that far (only had one in 13 years)
Unsuitable or offensive? Report this comment
Paul Howard | 23 Nov 2011 1:17 pm
Phil
I really really really want to beleive you with "Customer" includes advisers and providers.....
Why do I feel it's not though?
Unsuitable or offensive? Report this comment