Now that the top job has come up for grabs, who should be chosen to fill the spot?
Beachcroft Regulatory Consulting managing director Richard Hobbs says principle ombudsman Tony Boorman seems an obvious internal candidate.
But he adds: “The debate will be over whether Merricks’ successor should be a lawyer or not. It should be a lay person in my view.”
The FOS says it will advertise the post internally as well as externally, but what should it be looking for in prospective candidates?
Must have knowledge of the legal system and how it relates to financial services? Needs a good understanding of the dispute resolution process? Must understand complex financial products and their uses?
Do you think Merricks’ replacement has big shoes to fill? Who do you think should take over the role?
What changes need to be made at the FOS and what would you do if you were in charge?
Post your comments below.