Newly appointed chairman of the Financial Ombudsman Service Sir Nicholas Montagu will earn an annual salary of £75,000 for a two-day working week.
Montagu is currently chairman of the Aviva UK Life with-profits committee, a director of the pension corporation and former chairman of the Inland Revenue board.
Recruitment company Russell Reynolds Associates advertised the chairman role earlier this year, saying the successful candidate “will have good appreciation of how organisations meet customer needs effectively”.
Montagu replaces Sir Christopher Kelly, who is stepping down after seven years. Montagu will join the FOS in December and formally assume the chairman role in February.
Montagu says: “I am delighted to have been appointed chairman of the FOS. It is a strong and innovative organisation, which over the last 10 years has been recognised for the increasingly significant role it plays.”
Paladin Financial Services managing director Tim Pur don says: “The salary is far too high for that post. It is about time people realised we are in a difficult economic environment and all organisations should be looking to trim their costs accordingly.”