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FOS board pay increases 9% to £1.44m

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FOS chief executive Natalie Ceeney

The Financial Ombudsman Services’ board was paid a combined £1.44m in the year to 31 March 2013, a 9 per cent increase on the previous year’s figure.

The FOS has today published its directors’ report and financial statements for 2012/13.

Total remuneration, which includes salaries, pensions and other benefits, increased from £1.32m last year to £1.44m this year.

FOS chief executive Natalie Ceeney was paid £256,064 in 2012/13, an 8 per cent increase on the £236,444 she received in 2011/12.

The FOS’ pre-tax surplus on 31 March was £818,000, while the number of new cases has almost doubled from 264,375 last year to 508,881 this year. Some 74 per cent of these cases related to payment protection insurance.

Ceeney says: “This has been a year of unprecedented challenges for the ombudsman service. As well as receiving substantially higher volumes of cases than anyone forecast, we have found our caseload increasingly volatile – with a higher proportion of more complex disputes being referred to us by consumers.

“Meanwhile we have continued to scrutinise our day-to-day running costs. We were pleased with the outcome of the efficiency review that the National Audit Office carried out for us – which we published in January 2012.

“The review noted that, since the ombudsman service was set up, our costs have grown significantly more slowly than our caseload.”

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Comments

There are 17 comments at the moment, we would love to hear your opinion too.

  1. Becoming a headcase IFA 13th August 2013 at 12:10 pm

    And some people still believe in the british sense of fair play and justice. They do not care how much everybody else has struggled with their own employment/self employment and regulatory issues. Not to mention people who’s pension benefits have been slashed and those of us, in financial services, who just felt they could not carry on anymore.

    These people should be disgusted with theselves, but are far from it. They just continue rubbing everyone’s noses in it.

  2. HOW ON EARTH CAN FOS JUSTIFY ABOVE INFLATION PAY-RISES?

  3. Derek Bradey ceo Panacea Adviser 13th August 2013 at 12:25 pm

    I await the “tsunami indignation wave”.

    I was under the impression that in this “age of austerity” and “we are all in this together” that public sector style pay rises of this magnitude were to be discouraged.

    So Mr Cameron, any thoughts?

  4. “Meanwhile we have continued to scrutinise our day-to-day running costs. We were pleased with the outcome of the efficiency review that the National Audit Office carried out for us – which we published in January 2012.

    So your salaries go up by 8% when the majority of the salaries of the nation have fallen in real terms and you pat yourselves on the back.

  5. No wonder she`s always smiling.

    On a serious point – how on God`s earth can this be justified ? A higher salary than the Prime Minister ? Have these people no shame ?

  6. Regulation and its offspring are a most amazing racket – we pay but have absolutely no say as to how, how much, why or when much less any recourse to anyone else.

    They on the other hand answer to noone – it is, like I say, the most amazingly perfect racket ever dreamt up – and guess what ? it suits the Government too !

    Hans Christian Andersen could not write a better fairy tale.

  7. Ha Ha Ha Ha!! Funniest thing I have seen this week! Massive above inflation pay rises for people in the Ivory Tower…skin as thick as Rhino’s..!
    Is there anything that can be done about it on a serious note!?

  8. Help yourselves. Why not – everyone else does.

    Council Tax
    Water rates
    Electricity
    Gas
    FCA
    FSCS
    Parking Charges & Fines
    HMRC
    and Lord alone knows how many others.

    Hey Ho it’s off to work we go – 50 hrs a week (++) – just to pay the bills, so that those nice people in Quangos and Utilities and Public Service (now there’s an oxymoron!) can enjoy a lovely lifestyle and a 35 hr week.(at most!)

  9. At the end of the day these people will never tire of spending or should I say collecting money from us for their own purposes, Cameron and his yes men don’t give a Sh1t about austerity when it comes to regulation and its offspring inbred illegitimate bastards they don’t pay its all self funded.
    And at the end of the day Cheeney is just another medal or Honour collector she has a CBE under her belt and going for the full set.

  10. A good friend of mine at the golf club when members were having a drink during an heated political argument said ‘there is nothing you can do about it, so sup up and shut up’. The subject matter under discussion was quickly changed. Focus on your business.

  11. Ivan McCullough 13th August 2013 at 4:06 pm

    This is totally disgusting is there no voice out there that can hold these people to account.

  12. Watt Balderdash 13th August 2013 at 5:04 pm

    Absolutely disgraceful!

    As for the government mantra of we are all in it together, I think not!

  13. Why do we have to fund the expensive pensions of these overpaid people. Let them keep the salary but let them self- fund a money purchase scheme.

    Let them feel the impact of affordability and low annuity rates at the age of 60 years.

  14. Let’s revolt people!

    I’ll stop paying my fees to these paresites if others will join me. Time to put up or shut up people. Too many of my fellow IFAs are happy to winge but then don’t have the guts to do anything about it. Who’s with me?

    Vive la revolution (or something like that)!

  15. Here are the necessary qualifications to apply for a job at FOS
    “You don’t need to know about the specifics of financial services before you join us – our experts will give you training and support”
    FOS Careers.org

  16. Being a regulator means never having to say sorry. For anything.

  17. @Julian
    being a regulator means you can rob other peoples hard earned profit and laugh in the face of their protests.
    The national average pay rise was 1.8%. There is NO justification for this avarice from FOS.

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