Liam Coleman appointed interim chair of Financial Ombudsman Service

Coleman will succeed Baroness Zahida Manzoor CBE, who steps down after serving two full terms at the helm.

With over 30 years’ experience in financial services and public sector governance, Coleman brings a wealth of leadership and board-level expertise to the role. He is the former chief executive officer of The Co-operative Bank, and has held senior treasury roles at RBS and Nationwide Building Society. He currently chairs the Great Western Hospitals NHS Foundation Trust and the London and Quadrant Housing Trust, and is interim chair of the Royal United Hospitals Bath NHS Foundation Trust.

Coleman, who has served as a non-executive director on the FCA board since 2019, will vacate that position upon taking up his new role. He will serve as interim chair of the Ombudsman until a permanent appointment is made, following an unsuccessful initial recruitment campaign.

Ashley Alder, chair of the FCA, welcomed the appointment: “I am delighted that someone with Liam’s depth of experience will lead the Financial Ombudsman’s board during what is a pivotal time for the organisation. I want to thank Baroness Manzoor for all she’s done to steer an ambitious improvement programme at the Ombudsman over the last six years.”

Commenting on his appointment, Coleman said: “I am honoured to take on the role of interim chair at the Financial Ombudsman Service. It plays a vital role in upholding fairness and trust in the financial system. I look forward to working closely with the board, executive team, and our wider stakeholders – including the Treasury and the FCA.”

His appointment comes as the FCA and the Financial Ombudsman Service continue efforts to modernise the redress system for financial services. A consultation is expected later this summer on revising case fees for financial firms to promote quicker and fairer resolution of complaints.