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Ex-FOS chief Natalie Ceeney joins HSBC

Former Financial Ombudsman Service chief executive Natalie Ceeney has been appointed head of customer standards at HSBC.

Ceeney will join the bank on 3 February. HSBC bank staff were informed of the appointment today.

She will sit on the UK executive committee and be responsible for improving customer service and complaint handling. She will also be tasked with developing the bank’s approach to conduct risk.

Her new role will see Ceeney reporting to HSBC head of UK & retail banking and wealth management Europe Antonio Simoes.

An HSBC spokesman says Ceeney was not approached about the role until she had departed from FOS.

Ceeney stepped down from heading up the FOS in November.

HSBC is carrying out a past business review of its investment advice and has set aside £96m to pay redress claims. The review will be conducted by Grant Thornton from May and will cover all investment advice given by the bank between August 2008 and October 2012.

In December 2011 HSBC was fined £10.5m by the FSA, the regulator’s largest ever retail fine at the time, over misselling to elderly customers through Nursing Homes Fees Agency, one of its subsidiaries.


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There are 8 comments at the moment, we would love to hear your opinion too.

  1. I have no complaints against HSBC myself, but am I alone in being uncomfortable over any large financial firm being able to hire the former chief executive of FOS or for that matter FCA or FSA or PRA?

  2. You are not alone, Joseph, although I suspect that her perspective on FOS may change from crossing the fence (or should I say going through the revolving door). She probably sees her tenure at FOS as a success, but I do not. Turnaround times have increased dramatically due to FOS failing to deal appropriately with the volume of spurious and vexatious complaints, which has encouraged a huge increase in these. She may now get some idea as to why advisers get so angry about FOS.

  3. Another job for the boys/girls.

    This cosy relationship between regulators and the banks should be stopped.

  4. The Gravy Train is still hurtling down the track. Next stop HSBC. Don’t forget the backscratchers.

    So when she left the FOS in November does anybody really think that she had no idea where she would be next? No.

    Then lets ask the next question if she left in November, then the tapping up, interviewing, wining, dining etc must have been going on well before then. So surely her position was compromised.

    Can we have a categorical statement from both Ms Ceeney HSBC of when discussions first started taking place and whther at any point she was offered or took any hospitality from HSBC and whether any financial matters where discussed?

    Of course the open and honest banks and our open and our open and honest regulators will deny such matters. Those of us who live in the real world know the truth. A very unsatisfactory situation to say the least.

  5. Paolo Standerwick 1st February 2014 at 9:01 am

    This is why this country is in a mess. X librarian joins top job at FOS, then top non job created by Leviathan at HSBC! Regulation/Strangulation by unqualified people.

  6. Lets just see how long she lasts after all Hector Sants took a similar role at Barclays and ended up stressed out.
    We clearly need rules that state no regulator can work for a regulated firm for 2 years, at that point she would be hired on ability not recent locus.
    At a time when we are expected to be free of inducements this is an ill judged move.

  7. Paolo Standerwick 2nd February 2014 at 3:51 pm

    X librarian!

  8. None of this would actually matter were it not for the fact that neither FCA nor FOS works within English law.

    The FOS is allowed to make new law by precedent and then challenges naysayers to institute a Judicial Review. The FCA ignores statute by removing the longstop and then declaring that in their general counsel’s opinion this was what Parliament intended.

    The fcat that Parliament never debated, discussed or voted on this is, apparently, of no consequence.

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