View more on these topics

Walter Merricks to step down from FOS

Chief ombudsman Walter Merricks is to step down from the Financial Ombudsman Service.

Merricks, who helped set up the FOS 10 years ago, is moving on to chair the Office of the Health Professions Adjudicator this autumn.

The non-executive board of the Financial Ombudsman Service, led by chairman Sir Christopher Kelly, will shortly begin recruiting for Walter Merricks’ successor as chief ombudsman, including advertising the post publicly.

Under his tenure as chief ombudsman, the Financial Ombudsman Service has handled over five million consumer enquiries and resolved 750,000 disputes between consumers and financial businesses. Last year it dealt with a record 127,471 complaints, with an average staff complement of 865.

Merricks says: “A strong independent service providing justice in the field of consumer financial disputes is needed now more than ever.

“The ombudsman service has found a permanent place in the consumer-protection framework for financial services, and I am confident that the organisation will continue to be valued by financial firms and by consumers alike.

“Our service is not just for consumers who find themselves in dispute. Research continues to show that more than half of UK consumers say the existence of the ombudsman gives them confidence in financial services.”

Ruth Whitehead Associates principal Ruth Whitehead says: “He’s chucked a hot potato up in the air and we don’t know who’s going to catch it on the way down.

“Regulation wise, I think the FSA and the Ombudsman are trying to wriggle out of responsibilities they may have and I don’t envy either people in charge of those organisations. Somebody’s given him some very good career advice”.

Recommended

Dizzee days

Last week saw the long-feared RDR consultation paper make its appearance, the excellent annual protection review and, on a personal note, I succeeded Evan Owen as chairman of the IFA Defence Union. What’s more, the redoubtable Andy Milburn of Munich Re fame, christened me “Dizzee”, this in reference to East End rapper Dizzee Rascal and his recent chart-topper, “Bonkers”.

Employee benefit firms in merger

Towers Perrin and Watson Wyatt are to merge to create the world’s biggest employee benefits consultancy. The new firm is to be called Towers Watson & Co, with Watson Wyatt chief executive John Haley becoming chief executive and Towers Perrin chief executive Mark Mactus becoming president.

Income every six months from Blue Sky

Blue Sky Asset Management has brought out a structured product that provides income of 4.5 per cent every six months during a five year term, depending on the performance of the FSTE 100 index.

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Hope against hope?
    That someone with an open mind takes the role?

  2. independent my foot
    “I am confident that the organisation will continue to be valued by financial firms and by consumers alike” Get Real Merricks & stop spouting rubbish. While we are on the subject of value how much is your pension from fos worth? Does it represent value for money for both firms & consumers alike? Are you going before the human rights issues hit the fan? will you be answering questions about the role you played in this in your old age?

  3. Jobs for the boys
    I cannot wait to see which bright spark is to be the replacement. How absorbing.

  4. Real value to consumers?
    I have no doubt that the financial firms are grateful for the protection layer that the FOS provide – but consumers…really? And what about businesses?

    Unfortunately, like the tobacco industry, the FOS are a good example of how some industries shouldn’t be self regulated.

    The commentator here has it spot on, the heat is going to be raised on the FOS soon and he obviously doesn’t want any more of it.

  5. Please inform details regarding the new Chief Ombudsman.

Leave a comment