Head of UK financial ombudsman quits unexpectedly

Unlock the editor’s digest in free

FT editor Raula Khalaf selected his favorite stories in this weekly newsletter.

On Thursday, the chief of the UK’s financial Ombudsman service was unexpected in the middle of a large review of the consumer remedy in the financial service sector.

Ombudsman has been led by Abby Thomas since October 2022, when the government has been pressing on all the main regulators of Britain to reduce the burden of the business in an attempt to increase the country’s flagged economy.

Ombudsman has attracted criticism for compensation for customers from London City, who say they have misled by financial services groups, which are industry officials say that prevent foreign investors from this sector.

Chancellor Rachel Reeves called last year Fos And the financial behavior authority to improve “Historic Tihasic Market Practice and Mass Remedies The events” to improve that the banks that may have to pay for a billion solution in these fears Motor finance complaints wrong salesThe

The FOS and the FCA mentioned possible changes in the financial solution system in November, including companies to give more time to respond to customers’ complaints and reduce the opportunity to appeal against the Ombudsman. In the first half of this year, the proposals were expected to closed a suggestion last Friday.

Thomas was replaced by his deputy James Dippol-Janstone chief Ombudsman, the chief finance and risk officer Jenny Simonds became the chief executive.