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FOS executive pay climbs 20% to £1.7m

Total pay for the Financial Ombudsman Service’s executive team rose by 20 per cent in 2013/14 to £1.7m.

The FOS’ directors report and annual accounts, published this week, show this compares to £1.4m in 2012/13.

FOS interim chief executive and chief ombudsman Tony Boorman, who took over the role in December, earned a total pay package of £293,406 for 2013/14.

He earned a base salary of £235,964, pension benefits of £24,010 and other benefits of £33,432.

Other benefits includes use of a flat in London Docklands which was leased by the FOS until 31 May 2013. The FOS says the cost of the benefit, together with a lump sum payment towards Boorman’s relocation to London, was £25,227.

His total pay is 15 per cent higher than the £255,205 he earned in 2012/13, when he was deputy chief executive and chief ombudsman.

Former chief executive Natalie Ceeney, who stepped down in December, earned total pay of £258,750 in 2013/14. She earned £256,064 during the previous financial year.

FOS principal ombudsman and legal director Caroline Wayman received a total pay package of £227,020 in 2013/14, up by 8 per cent on the £209,944 she earned in 2012/13.

She also claimed total expenses worth £6,508 during 2013/14, the highest among the executive team.

This included a £5,692 travel bill, which the FOS says includes a flight to attend an educational programme on ‘Leading change and organisational renewal’ at Stanford University in California.

The FOS made a pre-tax surplus of £112.6m for 2013/14, compared to a pre-tax deficit of £23.4m in 2012/13.

The ombudsman received 512,167 new cases in 2013/14, up by 1 per cent from the 508,881 cases received in 2012/13.

It resolved 518,778 cases in 2013/14, more than double the 223,229 cases it resolved in 2012/13. 

On average, the FOS employed 3,389 employees during 2013/14, including 150 ombudsmen. This compares to 2,288 employees and 100 ombudsmen in 2012/13.

The FOS’ total staff costs were £142.8m in 2013/14, up from £100m in 2012/13.



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There are 6 comments at the moment, we would love to hear your opinion too.

  1. All the ethics of Wonga

  2. Incompetent Regulators 11th July 2014 at 10:42 am


  3. An industry that actively promotes complaints regardless of the facts and a society that is actively being encouraged to make claims against anyone they think may have the way-of-it-all to pay compensation regardless of any facts. Of course we know ever mortgage endowment policy was miss-sold as was every PPI policy in the past (even where they made a claim) but for the people who work at the FOS this is all manna from heaven. A job for life where increased costs are borne by others with no need for any prudent responsibility by the people who run the operation. You couldn’t make this up.

  4. Her we go again noses in the trough. Most people in work get a 1% or nothing rise these get upto 20%. What a disgrace one rule for those who earn a living one rule for those who use other peoples money to their benefit

  5. For an organisation which is variable in its decisions it is heartening to see that they are consistent in taking salaries and other benefits.

  6. thruthelthrolth 11th July 2014 at 12:53 pm

    The banks caused all this – get them to pay all the costs of the FOS out of their directors’ bonuses. Problem solved

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