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Conservative MP Baroness Zahida Manzoor named as FOS chair

The FCA has today confirmed that Baroness Zahida Manzoor will replace Nicholas Montagu as chair of the Financial Ombudsman Service, effective 2 August.

Baroness Manzoor was appointed to the House of Lords in 2013 and was formerly the Legal Services Ombudsman and Legal Services Complaints Commissioner in England and Wales.

She began her career as a nurse and has since held a variety of executive and then board level positions including with the NHS.

Commenting on Manzoor’s appointment, FCA chair Charles Randall says: “The FOS fulfills an essential role in delivering a fair system for resolving disputes between consumers or small business and financial firms and Zahida brings extensive experience of public service, governance and dispute resolution to the role.”

Money Marketing reported in January that the London-based position of chair is two days a week and will pay £75,000 a year.

The ombudsman’s initial public advert for Montagu’s successor called for a “politically astute” replacement.

Baroness Manzoor says: “My appointment follows a dedicated career to public service and ensuring fair treatment in people’s everyday lives and I see that continuing with the FOS.

FOS criticised over DB transfer claim handling

“It’s vital that we maintain effective and constructive relationships with all key stakeholders to ensure we all work together in the best interest of all users of the service.”

Outgoing chair Montagu, who held the position for seven years, says Manzoor is “ideally placed” to assume the role.

He says: “Our organisation is very different from the one I joined seven years and ago and change is a continuing theme. Zahida can lead both that change and our future achievements.”

Baroness Monzoor will be the first chair to lead the FOS under its new extended remit including covering complaints and claims management companies and larger small and medium-sized enterprises.

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